Businesses can be impacted by a wide variety of disasters such as severe weather, burst pipes, server failures, fires, and pandemics. Chubb risk managers advise that one of the best ways to make sure your business is prepared for recovery after a disaster is to develop a business continuity plan.
A business continuity plan provides a framework for returning to normalcy following a disaster. It is a key tool in protecting business revenues, your company's reputation, recovery costs and even people’s lives. It generally covers the following key areas:
All successful business continuity plans begin with commitment and support from top management, and a designated person responsible for overseeing the process. Here are some tips for creating your plan and keeping it up to date:
While the ideal time to put a business continuity plan in motion is before disaster strikes, even businesses that do not yet have a plan in place can invest time during the course of an event to protect their employees, assess the potential impact, and prepare for a smooth recovery.
All contents of this article are intended for general information/guidance purposes only and not intended to be an offer or solicitation of insurance products or personal advice or a recommendation to any individual or business of any product or service. This article should not be relied on for legal advice or policy coverage and cannot be viewed as a substitute to obtaining proper legal or other professional advice, or for reading the policy documents. You should read the policy documents to determine whether any of the insurance product(s) discussed are right for you or your business, noting different limits, exclusions, terms and conditions apply in each country or territory, and not all cover is available in all countries or territories.