Business Consulting 101 - How to Create a Disaster Plan for your Business

How to Create a Disaster Plan for your Business

Preparing for the worst can help minimize the risk. Here’s a small list of steps to prepare to best safeguard your business, if in case disaster strikes.

Review insurance policies

Insurance policies cover the cost of replacing damaged or destroyed equipment or buildings due to a disaster but it is also prudent to consider business interruption insurance that covers lost income in the event that your business is forced to shut down temporarily.

Develop a contingency plan

Keep a list of backup vendors or suppliers in case your primary ones are shut down. Keep a list of 24x7 emergency numbers for all your employees and suppliers, and develop a quick and efficient way of keeping employees informed. Consider alternative work sites so that you can keep operating.

Back it up

Make regular backup copies of all critical records, such as accounting and employee data, customer lists, production formulas and inventory in a separate location at least 200 Km away, and another to an online data backup service provider that is outside your continent .