Call for a quote: 1-866-358-2860

Our New Address: 2000 Argentia Road, Plaza 5, Suite 500, 5th Floor, Mississauga, ON L5N 2R7

Business Continuity: Preparing your business for the unexpected

-

Businesses today need to be prepared for everything. From illness, weather, perils such as fire or water to sales slowdowns and now the newest reality being a pandemic shutdown

Business Continuity plan? It’s an action plan to mitigate risk to your business in the event something like the above occurs, and outlines what needs to be done to ensure you can keep your business up and running.

What components are typically included in a Business Continuity Plan?

  • Financial Stability: Saving three months of revenues to cover rent/mortgage, utilities, salaries, maintenance & expenses
  • Communication Plan: Develop messaging that will keep your clients as well as employees informed on the status of operations.
  • Contractors: Ensure that you have identified & built reliable contacts with sub-contractors where you know they are properly insured (request a Certificate of Insurance)
  • Data Breach: If you are collecting & storing customer data, develop a preventative plan that can include anti-virus / anti-spyware tools and a response action plan that can include Privacy Breach Insurance in case a breach does occur
  • Off-site Locations: Can you continue operations remotely? If so, develop a plan to seamlessly transition to other locations
  • Additional Sources of Income: For brick-and-mortar operations, develop & implement other avenues for sales
  • Supply Chain: Identify a minimum of two alternative suppliers in different cities, provinces or countries

Disclaimer: All information in this site is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information. Information is for awareness purpose only and you should speak to a licensed insurance broker for specific and relevanbt answers.

Share this article

spot_img

Recent posts

spot_img

Popular categories

Frequently Asked Questions

How can I document my inspection to support an insurance claim?

To effectively document your inspection for insurance purposes, create...

Should I hire a professional or do the spring inspection myself?

Whether to hire a professional or do the spring...

Can a home inspection affect my homeowner’s insurance premiums?

Yes, a home inspection can affect your homeowner's insurance...

What are the key areas to inspect during a spring home check-up?

During a spring home check-up, focus on key areas...

Why is a spring home inspection important for my insurance coverage?

A spring home inspection is important for your insurance...

What happens if I miss my G test appointment in Ontario?

If you miss your G test appointment in Ontario...

Are there any time-saving strategies for preparing for the G test?

Yes, there are several time-saving strategies to efficiently prepare...

What documents do I need to bring for my G license test in Ontario?

For your G license test in Ontario, you must...

Can I reschedule my Ontario G test without losing my spot?

Yes, you can reschedule your Ontario G test without...