What is a business contingency plan? Do you have one for your business?
Another word for contingency is emergency, so a Business Contingency Plan refers to how you react to a disaster that affects your business operations.
The 3 Steps to Business Contingency planning are:
- Identify Potential Issues
- Make a list of potential disasters, natural or otherwise.
- Determine temporary back up facilities.
- Make sure key business documents are saved and stored offsite. This can include cloud storage that can be accessed online.
- Develop An Action Plan
- Create an evacuation plan.
- Assign roles such as crisis manager.
- Make sure employees are well informed
- Keep a list of employee emergency info offsite.
- Have emergency drills
We thank Arbella Insurance for these tips.
Contact your local insurance agent for more tips for protecting your business.