80% of businesses that suffer a major incident go out of business within 18 months, without a business continuity plan in place1.
Business continuity is about ensuring your business is resilient to disruptions, with the aim of minimising their impacts. One of the most common internal barriers to business continuity is the attitude of “it will never happen” however, COVID-19 highlighted how a business can be faced with an unexpected event that has the capability to challenge its survival. It is therefore vital to have a business continuity plan to help you recover from a potential disaster which could prevent you from continuing your everyday operations.
Recovering from a major incident
Businesses that have successfully recovered from a disaster have:
- Assessed the likely impact of significant events on their business
- Planned their response in advance
- Tested the effectiveness of their plan and revised it where needed
- Invested time, thought, and where necessary, money, to manage risk
Insurance is a recognised business continuity strategy; however, insurance cannot cover some consequences of a disruption such as damage to your business’s reputation and staff turnover. Therefore, your business’s insurance programme and business continuity plan are inextricably linked, and an effective business continuity plan allows you to identify and minimise the impacts of these risks. In the current hard insurance market, an effective business continuity plan can also make your business appear more appealing to insurers as the business is more likely to recover from the event which can help to reduce premiums. 
Writing a business continuity plan
Our experts at Specialist Risk Insurance Solutions (SRIS) can help you create a robust business continuity plan so if a significant disruption occurs, you are prepared to deal with the incident and you can return to operations as quickly as possible. Click here to find out more.
To offer this service, we work in partnership with risk management specialists, BCarm, who offer a practical step by step approach and flexible planning system that enables you to develop and maintain resilience in your business. SRIS clients benefit from an exclusive BCarm offering at preferential rates, helping to create and maintain an environment with reduced risk. Please get in touch with our expert team to find out more.
Don't just take our word for it...
“The team at Specialist Risk Insurance Solutions have provided our business with full risk management and health and safety support, and through the implementation of the BCarm (Business Continuity and Risk Management) system, have transformed how we operate in these areas. It has also greatly assisted our audit process and claims defensibility for third-party claims"
Group Finance Director, Belfield Group
Sources
1 https://www.abi.org.uk/globalassets/sitecore/files/documents/publications/public/migrated/liability/insurance-for-small-businesses-a-guide-to-protecting-your-business.pdf
