5 Step Business Disaster Plan For Quick Recovery
At home, you’re accustomed to hoarding water, canned food, extra batteries and first-aid supplies. As soon as the forecast gets serious, you batten down the hatches with shutters and plywood. In the Caribbean, preparing our homes for storms and other natural disasters is routine.
So…what about your place of business?
In 2017, the Caribbean’s vulnerability was exposed after the passing of Hurricane Irma and Hurricane Maria, two catastrophic systems which caused $200 billion in economic damage.
Barbuda and Dominica for instance faced widespread loss of infrastructure and basic needs like water, food, medicine and communication. Looking towards 2020, businesses of small island states must amp up their attention to disaster preparation to protect their investments and reduce the economic impact of natural disaster.
Sound like a big job? It is… but here are 5 easy steps you can take right now.
One: Safeguard Your Records
First, your records should be safely stored to ensure business continuity. As a business owner, you should always back up your data and store your company records and files in an off-site location and virtually.
Having access to your documentation means that your insurance claims may be processed much more quickly than if your company records had been destroyed by inadequate storage.
[May include a graphic listing documents you may need to file a claim, or the most important company documents]
Two: Invest in Storm Proof Building Materials: It’s Worth It
Is your building known to be susceptible to strong winds or heavy rainfall? Insurance is not the only way to protect your business. Protective shutters, wind resistant glass windows, sophisticated drainage systems, fixing known leaks, and investing in generators may sound expensive in the initial stages, but taking these precautions could result in less disruption and a faster startup time for you when a storm has passed.
Decreasing your building’s vulnerability now could give you a shorter window of restoration, less down time, and improve your recovery.
Three: Create A Continuity Plan
What will your employees do if the power goes out? What if your equipment is damaged or exposed to flood waters? How will you maintain stock levels for emergency supplies (e.g. food, batteries, water)? These are not the questions to be asked after the disaster.
It is key to have solutions prepped in advance. Create a continuity plan which offers responses to a number of disaster scenarios, practice drills, and train staff and senior employees on how to respond during a crisis.
Ensure that you disseminate a copy of this plan to all staff with access to email, and don’t forget to post hard copies for those who don’t, and have a planning meeting where necessary. It may also be helpful to allocate the responsibility of managing this plan to a key staff member.
Not sure where to start? Get in touch today and we’ll help you formulate the most effective continuity plan for your organisation.
Four: Communications Will Be Key
After a severe hurricane or disaster, communication can be significantly affected with landlines out of order due to fallen power lines. But technology is one of modern businesses’ biggest allies and it may be the answer to communicating to suppliers, distributors, government agencies and affected customers.
You may need to implement a dedicated channel to communicate to employees or emergency response personnel during a disaster. In these situations, businesses should organize a group of reliable individuals who agree to be called on to carry out specific duties and ensure that all employees are safe and stakeholders are well informed. It’s recommended to create and circulate a list of contacts for all team members needing to work together during the recovery phase, as well as their roles.
Five: Don’t Wait, Act!
Business owners who wait too long to respond to the advisory of national disaster response officials and the media often put their employees, clients and their property in jeopardy. When a storm is approaching, put your contingency plan in place early, communicate with staff, notify clients about closing hours, safeguard equipment and secure existing stock as well as data, files or records.
This gives you adequate time to turn to your more important personal needs: securing your home and your family.
Remember: recovery costs more than preparation. Let’s talk about how your business can benefit from both Business Interruption Insurance and a risk mitigation plan.
We plan to improve that figure.
See more stats in our article on why Barbadian businesses need to protect against business interruption, and get in touch for a free quote.
If you’re ever unsure about how to make the best decisions for your business, don’t guess. Talk to us today about Business Interruption Insurance.
