Small firms are falling behind when it comes to drawing up business continuity plans. As a result, they are more likely to fail should disaster strike.
The British Insurance Brokers’ Association (BIBA) and the Cabinet Office have published the results of research into business continuity plans. This reveals that 96 per cent of respondents believe that having a business continuity plan in place will keep businesses trading or reduce costs incurred in the event of a disaster. However, only five per cent of respondents believe that small businesses have the necessary plans in place.
It seems that business continuity plans do more than simply help to keep businesses running. They also lead to discounts on insurance premiums, with 83 per cent of insurers saying they will provide a more competitive price if a business continuity plan is in place.
The survey also revealed that 74 per cent of all emergencies suffered by businesses are fire or water related. Morgan Clark’s specialist team of loss assessors have worked with a wide range of companies in the aftermath of incidents involving fire or flood, helping them to protect their businesses and to calculate their full business interruption insurance claim. You can find more details by reading about our business insurance claims services.