Not exactly a cheery thought for a bright summer morning but it’s a question that every business owner or principal should be asking.
Before you answer though, perhaps you need to consider what would be involved should the worst happen, forcing your business to temporarily cease trading or reduce output significantly?
- What would happen to your staff?
- How would you inform your clients?
- How will you pay your bills?
- How will you fulfil existing orders?
- Will you need new premises?
These are just a very few of the issues that you will need to consider and we are sure that you can use your own imagination to think of plenty more, you should also consider the types of incident that could be considered ‘catastrophic.
Fire and flood obviously but what about data breach, theft or even lottery syndicate win?
80% of businesses fail within 18 months of a major incident – 2014 report
Business Interruption Insurance is designed to protect against any or all of these challenges and can keep your business operating for up to twelve months or until you’re back on your feet. The correct policy will cover loss of income, increased costs of production, increased expenses and even public and press relations if required.
We help calculate loss and recovery in real terms, a very different calculation to that used by accountants, who quite correctly will have allowed for depreciation over time, we assess the true value and not the paper value.
And, crucially we can help in the most practical way to develop a robust business continuity plan.