Basics for Dealing with a Business Interruption

Video-Images-INS101-BusinessIncomeHave you ever had one of those days when you are furiously working on a deadline and your computer crashes or the power goes out and you forgot to save your document? This happened to me recently during one of our lovely summer thunder and hail storms. To put it nicely, all I could say was “UGH!!” Not only were my business operations interrupted, but I completely lost a half day’s work.

One of the common questions a Loss Control Specialist might ask while visiting your business is, “Do you have a business continuity plan?” Most of the time, the business owner will answer, “Yes.”  But just like my recent experience, we sometimes become comfortable with our daily business operations and forget to take that extra step to ensure that we can recover from an unexpected mishap. Here are a few tips to help keep your business operating as close to normal as possible should your computer crash, the power go out or, even worse, a fire or natural disaster affect your business:

  • Save and back-up all computer files on a regular basis.
  • Utilize an offsite resource or service that allows you to access your computer files from a location other than your business.
  • Keep an updated “book inventory” list.
  • Create a written phone tree of current employee and vendor contact information.
  • Have a written business continuity plan that provides instructions for immediately starting a physical inventory, closing out books as of the date of the loss, maintaining accurate records for expenses incurred to expedite the resumption of operations, such as renting a temporary facility, and other important items required to operate your specific business.

For more information on business operations interruption, contact your agent or loss control consultant.  You may also view the Insurance 101: Business Interruption Coverage video or refer to the “Business Interruption Basics” link found on the Resources page at central-insurance.com.

 

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