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Does your Business have a Disaster Recovery and Business Continuity Plan?

Mar 30, 2016

“An estimated 25 percent of businesses do not reopen after major disasters, which could include things like loss of data, security breaches and employee illnesses, or natural catastrophes and electrical fires. Even less obvious events, like power outages and server crashes, can devastate operations and productivity. Despite the ever-present danger of these events, disaster recovery and business-continuity plans remain overlooked as tools to prepare.” (Entrepreneur, Aug 25 2015)

Many businesses haven’t even considered adequate Business Interruption Insurance, which can help re-build your business in accordance with a Continuity Plan.  This type of Insurance needs to be tailored to your business to ensure it covers everything you need it to in the event of a disaster.

The Queensland Government and CPA Australia have both offered tools and resources to help small businesses build both continuity and disaster management plans. Please find links below for your reference.

It’s important to have a plan in place to guide businesses through the initial impact of a disaster and assist with recovery. Without an adequate plan, it exacerbates the impact of any disaster, making business recovery much more difficult than it should be.

So what are the differences between the two plans?

A Disaster Recovery Plan

Detailed strategies on the steps that employees must follow during, and immediately after, a disaster. It includes procedures and communication instructions that ensure that employees are accounted for, and in communication with the business, and contains items that have been outlined as important to the business, and the safety of its employees and customers.

A Continuity Plan

This plan outlines how the business will continue its operations after the disaster. It may include how to continue operations after smaller, events, such as power outages. The plan should also include details and where the business will operate if it is forced to move to a temporary location. The plan should also identify the long-term, crucial strategies that are needed to ensure that the business maintains stability and can continue to be profitable.

Business Interruption Insurance

Should be adequate to cover the insurable costs and should be tailored to in accordance with the Continuity Plan.

Call AustBrokers Comsure today on 1800 122 194 if you need help with arranging Business Interruption Insurance, or if you would like more information on building a Disaster Recovery Plan or Continuity plan. You can never be too prepared!

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