As many businesses know in this current client, interruptions can be costly to survive. COVID-19 has been a substantial hindrance for many businesses across the nation, forcing many to close their doors for good. If it has taught us anything, it is that companies need to be actively prepared for disasters to interrupt their operations. With that in mind, we’ve rounded up some top tips, from creating plans to securing commercial insurance in Renton, WA to minimize business interruption.
Avoiding Business Interruption
- Undertake a thorough risk assessment
Create a list of all the potential threats to your business, considering both environmental risks and human risks. Additionally, consider which risks are preventable and which are not. Once you have identified the top risks, you can begin to understand the hazard itself, the assets at risk, and the ultimate impact.
- Calculate costs of interruptions
Analyze how each risk would financially impact your business. Consider lost sales or income, increased expenses, regulatory fines, and the shortage of supplies. Once you have figures to work with, you have a better understanding of how well you need to protect your business.
- Develop a disaster recovery plan
This is an emergency protocol that is activated when disaster strikes. No matter how unlikely it seems, you need to be prepared ahead of time, with all members of staff aware of what to do and how to protect data.
- Secure business interruption insurance
If the unexpected happens, you may need to shut down your business temporarily, deal with the loss of revenue, and handle repairs. Business interruption insurance can help cover these associated expenses, giving your company an essential lifeline while you get back on its feet again.
To safeguard your business from risks, make sure that you have the right commercial insurance. For a policy to suit your business at the right price, contact the team at Humble & Davenport Insurance today.