Purchasing the right insurance. Understanding your business insurance policies – and having the right kind of insurance – is key to surviving a disaster. Depending on where the business is located, for example, flood or earthquake insurance could make sense. Would a temporary loss in revenue be a huge problem for your business? Your insurance agent can discuss business interruption coverage and whether it makes sense for your company. Sizing up your risks and meeting with your company’s insurance agent is an important first step in disaster planning.
Making plans. Planning also can dramatically increase a company’s odds of survival. A business continuity plan addresses all of the ways a company can continue to do business after a disaster. That includes, among other things, planning in advance for alternative facilities, equipment and supplies, power, communications and computer systems. A disaster response plan takes that idea one step further and sets up a framework for how to respond on the day of a disaster. Employee training is a big part of any disaster response plan, as well as periodic testing of your company’s plan.