Business owners are responsible for two families: their own and their employees’. A comprehensive insurance policy is needed regardless of…
After a calamity, maintaining your business requires more than good fortune and hope for the best. When the unexpected occurs, a solid business preparedness plan may help you keep your doors open and resume regular operations.
Although nobody can anticipate whether or when a disaster will occur, it is preferable to take preventative measures to safeguard your business. Consider these five stages when building a business preparedness strategy and plan ahead:
1. Establish program management
Everyone on the premises, including people with disabilities, must have their physical safety considered part of your preparedness strategy. You’ll also want to create instructions for continuing business with minimal disruptions.
– Create a department or group that will be responsible for creating and updating your business continuity strategy.
– Set aside money for any backup plans the group comes up with. (This may involve discussing with your agent whether your small business insurance coverage meets your needs.)
– Determine any laws or corporate rules that might impact your plans.
2. Gather information about hazards and assess risks.
This should involve figuring out which events are more likely to happen in your areas, such as whether your company is situated in a flood or typhoon-prone area.
Do a business impact analysis to ascertain the likely effects of a business disruption. Then, examine and take into account strategies for risk reduction and loss mitigation.
3. Determine resources and train staff on how to implement those plans.
Make a plan to help ensure your business has all the resources it needs on hand by evaluating what resources you might need in the event of a disaster, from personnel to communications equipment to other needs.
In the event of an emergency, be prepared to communicate critical information to your staff, clients, and other stakeholders. Make a plan for how you’ll access your electronic data and information technology systems in the event of an emergency.
4. Conduct a test run.
To assess how well-versed and effective your employees are in the plan, conduct a variety of exercises. The evaluation of the established plans and procedures and the personnel training on their responsibilities may benefit from this phase.
5. Update and improve your plan based on the test run.
Review your plan bi-annually or once a year. Then, ensure your employees are reoriented with any changes in your plan. Keep in mind that any significant adjustments to the business or its personnel may necessitate a review of the emergency plan.
If you need additional coverage for disasters, taking note from the COVID years, we recommend getting in touch with us so we can help you find a plan that fits your evolving business needs in Hong Kong.