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A young couple going over the designs of their first house with an architect

 

A Business Continuity Plan can look like a time consuming process, and is it really necessary for most businesses?

Well, here are 4 very good reasons why you NEED to seriously consider a Business Continuity Plan:

1. It can keep you in business!

The whole point of a Business Continuity Plan is to ensure that your business can continue trading as quickly as possible should a major disaster occur. To put it simply – Risk Management. A major incident can put small to medium businesses out of business – a Business Continuity Plan will help to make sure that that doesn’t happen to yours!

Here are a few questions you need to be able to answer, should a major incident occur:

 Do you have all your key supplier contact details kept off-site and easily available?

 Can you contact all your staff immediately to tell them what has happened?

 Do you have all your utility contact numbers and account numbers?

 Can you contact all your clients quickly and easily to keep them informed if something happened?

 Do you know what you would do if you had a cyber attack?

 Do you have your insurance brokers contact details?

 

2. Plugging Gaps

Just the process of completing a Business Continuity Plan can identify gaps in your business which need filling. It is much more useful to find out about these now, rather than after a major disaster!

 

3. Winning Contracts

There are three things that businesses are being asked for more and more when it comes to getting contracts from third party companies:

– Higher Public Liability Limits (£5million and upwards);

– Professional Indemnity Insurance;

– Business Continuity Plans!

A third party wants to know that, should the worst happen, there will be minimal delays on fulfilling their order. A Business Continuity Plan can reassure your clients that you are fully prepared to complete orders in any event.

 

4. Favourable Insurance Rates

If you have a Business Continuity Plan, insurers will look at you as a ‘Good Moral Hazard’. Simply put, this means that they will know you are the type of company to plan for all eventualities and, therefore, a claim is less likely to occur because of careless actions.

This can result in a more favourable insurance premium – which is useful for every business! This link is a useful starting point when considering how to put your plan together and if you have any questions regarding this, don’t hesitate to contact us.

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