Dealing With Business Interruption

Dealing With Business Interruption

 

During the course of a normal business day everything pretty much goes as planned. Employees come to work, do their scheduled duties, clock out at the end of the day, and head home. But every now and then something occurs that disrupts this pattern. Whether its an electrical outage, or an important piece of machinery ceases to function properly, you now have a serious issue to contend with. Here are just a few things to consider during those times when business interruption might take place. You’ll need oc insurance to help reduce losses when such an occurrence takes place.

 

Update Critical Business Functions

 

Implement a program that includes forms that can help your staff to prioritize which business functions are most critical for continuing operations during an emergency situation. Critical business functions can change year in and year out. Review any existing disaster plan to account for any changes, such as the addition of new business systems, products, or employees.

 

Verify Employee Contact Information

 

One of the most important components of any business is accurate contact information. This becomes even more critical in an emergency situation. Knowing how to reach employees and vendors is vital to helping the business quickly recover from a disaster. Having your employees update their contact information will inform you of their current status and aid in the steps necessary to resume normal business operations.

 

Updating supplier and vendor contact information, as well as other important contacts, such as bank or insurance carriers, will also aid in a speedy recovery. Make sure that business insurance is adequate and also meets current needs in the face of such disaster.

 

Disaster Preparedness Checklist

 

A few important things to consider during a crisis is how much downtime can your business endure without a significant financial impact? Which functions are necessary in order to fulfill both legal and regulatory obligations? What business functions are essential for maintaining market share and reputation?

 

Be sure to prioritize each function (high, medium or low) and determine who among your staff is most capable to perform the necessary tasks. Record detailed notes outlining the steps that should be taken in common disaster scenarios, such as dealing with power outages, damage to any equipment, or a possible natural disaster. Advance planning will help everyone to recognize his or her responsibilities. Having a good plan, and also the oc insurance coverage that deals with these issues will help to get things back on track. This is essential to any solid business plan.

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