2 minute read
Insurance – business continuity plan
80% of businesses that suffer a major incident go out of business within 18 months, without a business continuity plan in place1 .
Business continuity is about ensuring your business is resilient to disruptions, such as if something happens to one of your key personnel, with the aim of minimising their impacts. One of the most common internal barriers to business continuity is the attitude of “it will never happen”; however, COVID-19 highlighted how a business can be faced with an unexpected event that has the capability to challenge its survival. It is therefore vital to have a business continuity plan to help you recover from a potential disaster which could prevent you from continuing your everyday operations.
Recovering from a major incident
Businesses that have successfully recovered from a disaster have: w Assessed the likely impact of significant events on their business w Planned their response in advance, including appointing key people to manage the response w Tested the effectiveness of their plan and revised it where needed w Invested time, thought, and where necessary, money, to manage risk
Insurance is a recognised business continuity strategy; however, insurance cannot cover some consequences of a disruption such as damage to your business’s reputation and staff turnover.
Therefore, your business’s insurance programme and business continuity plan are inextricably linked, and an effective business continuity plan allows you to identify and minimise the impacts of these risks. In the current hard insurance market, an effective business continuity plan can also make your business appear more appealing to insurers as the business is more likely to recover from the event which can help to reduce premiums.
Writing a business continuity plan
Our experts at Specialist Risk Insurance Solutions (SRIS) can help you create a robust business continuity plan so if a significant disruption occurs, you are prepared to deal with the incident and you can return to operations as quickly as possible.
Don’t just take our word for it...
“The team at Specialist Risk Insurance Solutions have provided our business with full risk management and health and safety support, and through the implementation of the BCarm (Business Continuity and Risk Management) system, have transformed how we operate in these areas. It has also greatly assisted our audit process and claims defensibility for third-party claims”
Group Finance Director, Belfield Group
Get in touch with our asbestos insurance specialist, John Madden, to discuss your business’s insurance and risk management requirements, call 020 7977 4800 or email srisenquiries@specialistrisk.com
srinsurancesolutions.co.uk
Specialist Risk Insurance Solutions Limited is authorised and regulated by the Financial Conduct Authority (FRN: 473138). Registered Address: 6th Floor One America Square 17 Crosswall London EC3N 2LB. Registered in England and Wales (Company No: 06368755). Specialist Risk Insurance Solutions Limited is part of the Specialist Risk Group.
Sources 1 https://www.abi.org.uk/globalassets/sitecore/ files/documents/publications/public/migrated/ liability/insurance-for-small-businesses-a-guide-toprotecting-your-business.pdf
