Prevent Costly Business Interruptions
Business interruption can be extremely costly. Your business needs to be prepared to face unforeseen disasters such as criminal activity, natural disasters, and cyber-attacks among others. Any one of these threats could be devastating enough to close your doors, but if you have proper precautions in place, you can work to minimize their impact. To help you reduce business interruptions, take a look at these tips.
Determine your risk
When determining the potential risks for business interruptions, consider the environmental and human risks your business faces. Once you have a list of possible disasters, you can begin to understand all elements involved and how to protect your company. Be sure to identify the assets at risk, vulnerability to the risk, and the ultimate impact.
Do some math
After the risks have been identified, analyze the impact of each risk. Consider the loss of sales, loss of income, increased expenses, ongoing costs (such as rent), regulatory fines, and delay of business.
Create an emergency plan
Develop an emergency plan so that everyone on your team knows what to do if a hazard occurs. Remember to consider IT and data recovery, contracts, and communication. Test this plan to ensure its success.
Understand your insurance coverage
Review your insurance coverage so that you understand what protection you have in place. Business interruption insurance can help your business recover quickly after an unforeseen disaster. From temporary location costs to the loss of income, this coverage helps to put your business back on the map without suffering financial hurdles.
Are you ready to secure business interruption insurance? For help getting started, talk to the team at UniVista Insurance Hialeah|Cutler Bay. We are happy to help protect your business.