Disaster Recovery Plan in place

Hoskin Commercial Insurance Flooded Office

Hoskin Commercial Insurance Flooded Office

A fire on your own or neighbouring premises, a power cut, a chemical spillage or crime scene can all lead to an evacuation of your premises and an inability to trade.

This highlights the very real need for all businesses to have a robust Disaster Recovery Plan in place. A Disaster Recovery Plan is a formal document that businesses create to help them deal with an emergency situation. It is an essential tool that ensures that responsibilities are shared around the employees so that everyone knows what is required of them when things go wrong.

Here are some things you may not have thought of when creating your Disaster Recovery Plan

• Is your data safe and backed up remotely? This can include everything from staff records to customer information and banking details.

• Are you able to access your telephone system and emails remotely? This will enable your staff to work from home and get on with the job of running the business while you start to clear up.

• Do you have a Communication Plan? Communication is critical after a disaster and it’s important to have a process for informing customers, suppliers, investors, employees and the media.

• In a manufacturing company, production line equipment and production control systems are critical. The disaster plan should prioritise resources and include an assessment of the risks and consequences associated with each resource.

Once you have dealt with the immediate emergency and set up temporary operations you will need to turn your attention to the business of re-instating your company to its normal working conditions. Many companies underestimate exactly how long this will take and the increased cost of working in this interim period. The minimum indemnity period a company should have is 24 month. A large number of policies still have 12 months as standard, but this is inadequate in most circumstances.

We can help you assess the potential risks you face and the associated costs, and arrange the business interruption protection to suit your business.

Contact us today and talk to one of our experts about how to prepare your business for the unexpected.

If we can be of a help please do not hesitate to contact us or visit our Business Insurance section.

Lee Masters