November 1, 2023 by Echelon Insurance
When it comes to a commercial business’ loss prevention strategy, the importance of having well-crafted tools designed to respond swiftly and effectively to unforeseen incidents cannot be overstated. One resource that may not get as much attention as it needs is a business interruption plan. Any loss, regardless of the severity or the cause, can potentially interrupt a commercial business. The scale and length of these interruptions can range from a full to partial shutdown, depending on the extent of the loss event.
As an integral part of an organization’s loss prevention strategy, a business continuity plan helps limit or mitigate downtime and the economic impact of disruptions after a loss. Whether fires, natural disasters, cyberattacks, or the breakdown of essential equipment, a well-structured business continuity plan ensures that a business can maintain essential functions during an unexpected event.
Not sure where to start? Whether you’re a broker looking to support your customer’s loss prevention journey, or a business owner interested in updating your existing continuity plan, consider the following key factors that contribute to building an effective business continuity plan:
Consult with third parties, such as an insurer’s loss prevention experts, as needed to fully understand an organization’s exposure.
Practising a plan multiple times will make it more seamless and efficient should you suffer an actual loss.
For more information and additional loss prevention resources, visit echeloninsurance.ca.