Business Continuity Plans are crucial to a company’s ability to survive and be sustainable during times of crisis that would otherwise significantly interrupt and impede their day-to-day operations. On the other hand, companies who have the foresight to put key plans in place, in order to offset the devastating consequences that these types of occurrences, can go on to operate another day.

Fortunately, as a business owner in Canada, you are not alone in making these vital and strategic decisions. Public Safety Canada, through the Government of Canada has helped by outlining some key aspects of this process.

First of all, it is suggested that you start by identifying the severity of these types of potential threats to your business. Next you can look at narrowing down which specific ones will require that you implement a proactive plan. It is also important to determine which of these aspects will require documented follow-up tasks, and what steps will need to be taken as a result.

Another fundamental part of this plan is to ensure you have the right insurance coverage for your business needs. In your business continuity plan, you will want to examine your current insurance coverage and make sure that it will include these types of events and will adequately cover the cost of any major potential losses you could encounter.

It can also be equally important to look at whether you are overinsured in any areas that perhaps will not pertain to your business. Ultimately, at this stage as well as on a regular basis, it is important to reevaluate your business insurance coverage in order to ensure your continuity plan is highly reflective of your business operations, not to mention a proactive plan for future sustainability.

In the event of a disaster and when the continuity plan needs to be implemented, it is necessary to set up a method for informing your business associates, staff, suppliers, and clients. Safety procedures are also a part of these plans, so that the well-being of staff and clients are maintained, and business operations and connections are preserved as much as possible when and if, the time comes that the continuity plan must be activated.

As you act to either develop or re-visit your Business Continuity Plan, it is important to understand that having the right insurance can also play a large role in the success of this plan.

One step you can take right now is to reach out to your insurance broker to discuss your current insurance coverage. Contact Leaders Insurance to find out more about how we can contribute to the successful future of your business.