Weather events can pose a risk to business continuity particularly if you have not fully recognised the potential risks to your business or the steps that may be required to get your business fully operational again following a weather event.
Know your risks
Weather events can be volatile but knowing the potential risks that may face your business can help you protect against them. For example, if any of your commercial properties, or those of your suppliers are in flood risk areas it’s key to be aware of this and plan accordingly.
Carry out risk analysis
Having a risk analysis carried out by an expert or carrying one out yourself will enable you to understand your unique risks as a business. It can help you work out where you need to invest to protect your business and avoid setbacks and interruptions. This could include factors such as how long it would take your business to get back up and running after a major weather event, what would happen if a member of your supply chain were to suffer from the effects of a weather event or the costs of replacing plant and machinery in line with technology costs.
Get the right insurance, not the cheapest
Having the right insurance should be central to your business risk management strategy. However, research across the industry suggests around 90% of business are underinsured with between 40% and 70% of small business failing to reopen after a major disaster. It’s critical to get the right insurance for your business, purchasing based on price alone can offer only a short term benefit.
Partner with an expert
Here at Anthony Jones we offer Business interruption insurance in partnership with Zurich. Our team of friendly experts work hard to gain insight into your business and help you understand the level of business interruption insurance cover you may require. Our business interruption calculator can help can help give a guide (rather than a definitive final figure) of the cover you need and help you to avoid the risk of underinsurance.
