How to Start a Business Continuity Plan

posted by Faith Dorn on Thursday, July 21st, 2016

Continuity Plan

How would you respond to a power outage that interrupts your business? What about a cyber attack or a natural disaster? Would your operations continue to run smoothly in these circumstances?

If you struggled to answer these questions, that may be a sign that it is time to develop a business continuity plan.

Business Continuity Planning

Unplanned events and disasters – no matter if they are large, small, natural or man-made – can result in decreased productivity, lost customers and even the potential to make a business close its doors.

Don’t let your business make the mistake of not having a plan for the unexpected.

By developing a business continuity plan you are not only planning for the unexpected, but you are also helping protect your business, your assets, your employees and your clients.

Getting Started recommends taking the following steps when developing a business continuity plan:

  1. Conduct a business impact analysis to identify time-sensitive or critical business functions and processes and the resources that support them.
  2. Identify, document and implement recovery strategies to recover critical business functions and processes.
  3. Organize a business continuity team and compile a business continuity plan to manage a business description.
  4. Conduct training for the business continuity team and testing and exercises to evaluate recovery strategies and the plan.

It is also a good idea to review your plan annually and make sure that it still fits the needs of your business.

Insurance Coverages

Even with a business continuity plan in place, there could still be instances where business is interrupted. In order to best protect yourself from this situation, you should consider business interruption insurance.

Have questions on your businesses insurance coverages or business interruption insurance? Contact an agent with Professional Solutions Insurance Services, we would be happy to discuss business policies and coverages with you.