Published: August 20, 2020
It is safe to say that 2020 has been the year of business breakdown. Companies around the world have dealt with closures, staff reductions, profit losses and a pandemic that took the world by storm. With that in mind, it's time to make sure your business can continue to handle what life throws at you. Take a look at these tips on how to minimize business interruptions.
Carrying out a Careful Risk Assessment
Create a list of all potential threats to your business in terms of both environmental and human risks. Also think about which risks can be prevented and which can not. Once you have identified the highest risks, you can begin to understand the danger itself, the assets in the risk and the ultimate effect.
Calculate costs for interruptions
Analyze how each risk would financially affect your business. Think about lost sales or income, increased costs, regulatory fines and lack of deliveries. When you have numbers 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 may seem, you need to be prepared in advance, with all employees aware of what to do and how to protect data.
Secure Business Break Insurance
If the unexpected happens, you may need to shut down your business temporarily, manage loss of income, and manage repairs. Insurance cancellation insurance can help cover these associated expenses, giving your business an important lifeline while getting back on your feet.
These are just some of the ways you can work to minimize downtime in your business. When you want to protect your business, talk to our team at Abbate Insurance about how insurance can help during this time.