The ABI reports that many businesses that suffer a major insurable disaster never recover — and the majority never achieve the level of economic activity they achieved before the disastrous event.
How quickly and painlessly you manage to get back to “business as usual” following a fire, flood or other natural disaster or major interruption will depend on how effectively you can devise and put into action your own business continuity management.
Business Interruption insurance is only half of the solution. This will provide a financial safety net as the business recovers but failure to plan could be disastrous. You could risk losing your customers while you are getting your business back on its feet. At worst your business may never recover.
Do you know that: -
43% of firms without a business continuity plan never re-open after a catastrophe.
(Source: Cummings, Haag & McCubbrey 2005)
40% of businesses that suffer a critical IT failure go out of business within a year.
(Source: Norwich Union).
Only 47% of organisations across the UK have a business continuity plan. However this figure drops to below 40% in respect of small businesses (those with less than 50 employees). (Source: Chartered Management Institute)
To help you build a business continuity plan for your business, we have teamed up with Fusion Thinking, an online business continuity and Health & Safety management tool.
Fusion Thinking’s business continuity plan is a simple and practical tool that allows Directors and key stakeholders in the business to formulate a plan. The plan will take you through assessment of the risk, establishment of risk reduction measures and then recoverable planning.
Towergate Risk Solutions Hertfordshire is a trading name of Towergate Underwriting Group Limited
who are authorised and regulated by the Financial Services Authority.
You can check our details on the FSA register (www.fsa.gov.uk/register/home.do) under Firm Reference Number 313250
