Business Continuity & Disaster Recovery Planning
By Jeremy Long — Three Arbor Insurance
We all think of insurance as the failsafe if things go bad for our business. You buy insurance to protect yourself if there is property damage or a liability issue. Unfortunately a check to replace your stuff doesn’t fix things. What do you if your office or your facility is severely damaged or wiped out due to a fire or storm? What next?
According to FEMA (Federal Emergency Management Agency), approximately 60% of businesses never reopen after a disaster. Of the ones that do, 25% close within a year. If you don’t recover within 10 days, 80% of those companies go out of business.
I’m sure most of those businesses had insurance for their property and their stuff, but did they have a recovery or continuity plan?
With the frequency and severity of storms occurring, for most of us, it’s a matter of when, not if.
If you don’t have a disaster recovery plan or business continuity plan, check the following to assist:
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Your insurance agent
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Your insurance company
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Industry Associations
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AI
Disasters come in many forms: property damage, power outage, pandemic, cyber attack, loss of a key employee, etc.
Insurance is great, but having insurance + having a recovery plan is better. Give Three Arbor a call and we’d be happy to talk with you about it.
Jeremy Long
Three Arbor Insurance, Inc.
(205) 572-1063
