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.