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.