Business Insurance: Create a Business Disaster Plan

Business Insurance: Create a Business Disaster PlanPower outages. Computer crashes. Lost data. These circumstances are hardly ideal for businesses (more like worst nightmares), but no matter how great a manager you are, some things are simply out of your control. Here’s a few tips, adapted from a guide in the Wall Street Journal, on how to create a disaster plan to protect your business.

Develop a contingency plan. Come up with a list of backup vendors in case one of your vendors shuts down. Keep emergency numbers on hand at all times. Have an alternative work site you can keep operating in case circumstances prevent you from working out of your current office.

Back EVERYTHING up. Keep copies of all critical records, including employee data, customer lists, inventory, anything that is crucial to running your business. Keep the information offsite, or subscribe to an online data backup service provider.

Review your insurance policies. Review your current strategies- you want the best protection for your business now and in the future. Protect your workplace with property insurance policies. Research insurance needs that are specific for your industry– some may require more specific coverage than others. Get liability insurance that can protect against claims and lawsuits.

Of course no one ever likes to think about worst outcome scenario- but it’s a million times better to be prepared. It’s critical to have New Jersey Business Insurance, we work with a broad spectrum of businesses, including contractors, property owners, distributors, manufacturers, and service providers. We’ll review the ins and outs of your business, and make recommendations where we see gaps and what additional coverage may be needed to develop the best risk-mitigation strategy for your business. Contact us today for more information.

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