How To Create a Business Continuity Plan
A continuity plan can help business owners cope with storm damage or flooding at a commercial structure in Coventry, MA. Owners should take the following measures to limit lost revenue due to unexpected setbacks.
Perform a Business Impact Analysis
Any successful plan for continued operation after a storm or disaster calls for accurate operational data. Business owners should make several calculations:
- Average expenses and revenues
- Risk assessments for floods, storms and other types of damage
- Scenarios that could interrupt business
- The effects of supply shortages or service delays
This analysis can help owners make more informed choices with regard to property insurance policies and interruption riders. A gap analysis is another important component of a complete impact analysis.
Come Up With Continuity Options
Once a business owner has assessed the situation of a business and identified potential problems, the next step is to come up with solutions. A continuity plan may include measures to lower the total of an interruption claim or avoid the necessity of using this coverage:
- Reducing continued costs during closure
- Moving to a temporary location
- Operating out of an undamaged portion of the primary location
If specialized equipment or other issues prevent a business from operating, it is a good idea to file an interruption claim. This commercial policy rider can offset continued expenses such as rent or payroll until a business reopens. Business owners may want to refer to federal guidelines when developing a plan.
A plan cannot succeed without trained staff. Business owners should delegate responsibilities and complete training in advance of an interruption. Maintain open lines of communication in the event of a disaster.
These are the major stages of developing and implementing a continuity plan. If a business sustains storm damage or suffers from flooding in Coventry, MA, owners should rely on the expertise of damage mitigation and restoration professionals.