Sponsored by Intact Insurance
As a business insurance broker, you offer your customers the best coverages for their needs. You care about protecting their company’s future, so you also give them valuable advice on loss prevention. But do they realize how important it is to develop an emergency plan? It could keep their operations going if a dramatic, unforeseen event were to paralyze their business and threaten its survival.
No business is immune from a disaster
Fire, flood, earthquake, workplace accident, extended power outage, act of terrorism or sabotage, cyber attack—any of these incidents could have disastrous consequences for an SME. In situations like these, business owners and executives who have taken the time to prepare a business continuity plan (BCP) will be able to respond more effectively and minimize the negative impacts on their operations.
What does a BCP include?
A BCP, sometimes referred to as a “disaster recovery plan”, identifies the threats a business faces. It typically addresses:
• Potential risks the business faces and the resulting impacts
• Emergency resources and contacts
• Customer loyalty in the event of shipping or sales interruptions
• Who, besides the business, would be affected if a disaster struck (neighbours, suppliers, customers, staff)?
• How long the business could interrupt operations without irreparably affecting its survival or losing customers
In case of disaster, a good BCP also describes:
• Each individual’s responsibilities and response times
• Measures to ensure employee safety and the security of company facilities
• Procedures for maintaining the integrity of key computer data and documents
• Strategies to maintain the company’s reputation with partners, customers and the public
• The procedure for relaunching operations as quickly and efficiently as possible
• Damage assessment and the foreseeable cost of getting back to business as usual
Of course, the complexity of the BCP may vary depending on the business’s size and situation, and the plan should be updated every year.
A solid BCP is a must for your business insurance customers
Experience shows that in times of crisis, winging it rarely works. Educate your customers on the importance of having a BCP and send them this
Tipsheet. They’ll find this information very helpful in preparing their business continuity plan.
The Intact Insurance team
