Making plans for your business...
Making plans for the unexpected is an essential move for business owners.
And insurance for anything that may go wrong - with offices, staff, overseas projects and more - comes as a matter of course in business planning.
But sometimes the most important aspects of a business recovery plan can be forgotten.
Ben Lawrence, of Beaumont Lawrence based in Sweetlake Court, Shrewsbury, says the biggest cost to a business is downtime - which inevitably comes after a business is hit by the unexpected.
“When thinking about business insurance, the catastrophic scenarios of fire or flood are usually at the forefront of most people’s minds.
“People understandably picture the scene of devastation and imagine how their office would look under two feet of water, and the chaos that would ensue.
“But in terms of finances, the biggest impact is not repairing the damage to a building, but the loss of earnings from the downtime while the repairs take place.
“Having business continuity plans and the necessary insurance in place is vital to survival.
“Despite having fire or flood damage insurance in place, some businesses never recover from an accident because they did not have any contingency plans in place to allow them to trade in the immediate aftermath.”
Insuring a business against the risk of fire or flood is an essential process for any firm which has its own offices.
But despite this protection many businesses never recover and are forced to close their doors - because they have not thought about the interruption to the day to day working of the business and therefore they do not have adequate cover in place.
Adequate planning and cover is needed to mitigate losses and protect a business if the worst happens.
“The team at Beaumont Lawrence listen to how a business is set up and how it operates and can put together a plan that will work to meet their exact needs - covering all eventualities,” adds Mr Lawrence.
“The reason why many business owners do not think about covering something like downtime is because they are concentrating on what they do best - whatever their business does.
“What we do best is ensure that businesses have the right insurance package in place to suit their needs and protect the business - no matter what happens”.