How would your business cope during an extreme disaster?
Extreme disasters are unpredictable and very expensive. With the impact of global warming and disasters striking many businesses across the globe from hurricanes, flooding and fire to terrorism and cyber-attacks online we need to prepare for companies to be able to cope with a disaster? Is your business protected?
There have been many recent unpredictable circumstances that have affected business across the world. The cyber-attack that affected the NHS and had a massive impact on employees and patients. Recently hurricane Harvey and Irma that wiped out over 33,000 jobs in Florida and Texas. The storms have caused the unemployment rate to drop by 4.2 percent and have had a damaging impact on the economy.
It is vital to be prepared for the worst situation. In the UK every year 20% of SME businesses, small to medium enterprises, are affected by an extreme disaster which ultimately causes the business to go into administration.
Having a business continuity plan in place, that works, can assist during unforeseen circumstances. Planning for the future, reacting quickly to a disaster and putting measurements in place for the future will ensure that the company survives, the employees are safe and clients are still managed. If a business can still operate, even in a difficult situation it will lead to continue income being received.
It is important to think about where the business is located and how the climate might affect working opportunities for employees and clients. In the UK there can be risks of flooding or icy conditions that can affect how people come to an office. The office could also be affected by flooding which could be costly on electrical equipment and furniture. The effect of flooding and managing floods across the UK costs the country £2.2 billion each year.
Once the potential risks to the business have been identifies, prepare a plan to manage these risks and communicate this across the company. Test can be carried out to ensure that the plan created works and is tangible. Continuously reviewing the situation will help to ensure the smooth running of the plan if it is needed during a disaster.
Insurance is a significant part of any company’s continuity plan. Check that your policy covers the business in the event of a crisis. One of the most important parts of any business are the employees, without these companies wouldn’t be able to operate. Consider introducing a group life insurance policy / group death in service for the unfortunate instance wherein an employee dies, the cover will pay a tax-free lump sum directly to your employee’s nominated beneficiary.
Group private medical insurance will ensure that employees have access to prompt diagnosis and treatment to help them recover and return to work if they had been injured by an extreme disaster. Employee Assistance Programmes can also provide counselling and referral service for employees and their immediate family.
To ensure you company will always have access to the best available health and wellbeing advice speak to one of the BDHL consultancy team on 01892 891900.