Here are three components you need to address when developing a disaster plan for your business. First and foremost, you must have a contingency plan so you may avoid having to shut down. Read on.
Here are the keys to developing a contingency plan:
- Assess potential hazards.
- Analyze the potential impact of disasters.
- Stock up on emergency supplies.
- Install a generator for emergency power.
- Check the building’s structure to ensure it is stable and fortified.
- List backup vendors or suppliers in case primary suppliers shut down.
- Consider alternative worksites to continue operation.
- Make a list of 24-hour emergency numbers for employees.
- Practice drills for mock-disaster scenarios.
Back-up data
- Make backup copies of all critical records, such as accounting and employee data, customer lists, inventory, etc.
- Keep information in a separate location at least 50 miles away, and ensure information with an online data-backup provider.
Review insurance policies
- Take out a property insurance policy.
- Consider business interruption insurance to cover cost of lost income if business shuts down temporarily.
Source: The Wall Street Journal Complete Small Business Guidebook, Colleen DeBaise
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