Why a strong recovery plan requires business insurance

Small business owners have numerous things to think about on a daily basis, but it is also crucial that they plan for the long-term. A failure to do so could mean that the company permanently closes its doors much sooner than expected.

A Forbes contribution piece highlighted several tips for business owners to follow in preparation for a disaster. For starters, it is a good idea to prepare for power outages. This blog has previously discussed the long-lasting impact that a lack of electricity can have on an organization. The article cited information from a Small Business Disaster survey, which said that 62 percent of companies believed they could run daily operations from mobile devices. But, would that system still be smooth after 10 days?

Any time that a small- to medium-sized business is not open is time that it is not being profitable. The longer that lasts, the more devastating it could be.

"At the end of the day, creating a simple plan with considerations for such necessities as power, key employees, and data continuity are far more important than a 400-page document that no one remembers when disaster actually hits," the article said.

Overall, it is much easier to prepare for a disaster than it is to attempt cleanup after the fact. When businesses have no contingency plan, and no type of insurance, the recovery will be more difficult and even more expensive.

Even if company leaders do not know where to begin in terms of searching for the necessary coverages, working with commercial insurance specialists can be greatly informative. These experts understand the area in which your business is located and can find policies that cater to an organization's needs, no matter how niche its industry might be.

 

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