In a natural disaster most people know the need to have a safety kit and plan of where to go, but what about a plan to help your business continue when something equally disastrous happens? Without such a plan, you’re looking at a further major blow to your livelihood.
Disaster may occur in the form of loss of customers, loss of hours, facilities or supply. If you have a shop, manufacturing or retail, being attached to a location can have its drawbacks when the location is blocked, damaged or otherwise interrupted.
Most people immediately think about fire, flood and weather events as business interruption risks but there are other issues too – it may be a key supplier who is affected by the elements, and what happens to them may have flow-on effects for you, such as increased costs arising from getting a product from another supplier.
By sitting down with Gareth Wallace of Auckland/Northland business insurance broker Balance Insurance, you can begin getting these worries out of the way today.
A business continuity plan is one of the first steps. If your business is well underway and you don’t yet have such a plan, it’s one of the first things Gareth can help you with.
It’s pretty simple really. It’s about:
- Identifying the risks,
- Thinking about how to mitigate or lessen the impact of risk,
- And then, if necessary, transferring the risk to the insurer.
As an example, recently a client told Gareth that through this process the company realised its biggest exposure wasn’t fire, storms or floods, but downtime to its computer system. The company looked at moving their server to an online cloud facility, and in the meantime bought a generator to cover outages.
Another example: in Christchurch when the 2011 earthquake hit it was so hard to get hold of staff, phones were overloaded, so companies with a business continuity plan already knew who would telephone who and in what order, to help staff understand whether to go to work, and where the new temporary office would be.
So, get in touch when you need help with all the aspects leading up to business interruption insurance. Whether you’re in Auckland, through to the Far North, people Gareth works with will help with business impact analysis, continuity plans, training/ practice for adverse events, and testing. Then the insurance is the next step.
Balance Insurance Advisors matches good insurance with good people so please contact me for insurance advice on (09) 283 9439 or 022 0663114 when you’re ready for help.