By: First Union
Creating Your Disaster Recovery Plan
Large businesses may have the time and resources to put a disaster recovery plan in place, but we know it is not so easy for small business owners. We know you have done everything in your power to make your business operate successfully, but what about those things not in your power? Such as a global pandemic. This is why it is so important for small business owners to create your disaster recovery plan. Here are our tips.
Check Up On Your Business Insurance
Having small business insurance for your company is a must, but not all insurance is the same, and not all will be helpful in the event of a disaster. If you haven't yet, talk to your insurance representative and see what your coverage is. As we have seen in recent months, some things are completely out of our control that will affect business. If your current insurance coverage is not helpful during this time, perhaps it's time to revise your plan going forward. Perhaps now you will want to pay a little extra for business interruption insurance, to cover losses we are experiencing now. Having the right insurance in place and using it to your advantage will help recover from a disaster.
Have Communication In Flow
When something bad happens, you can feel a little out of sorts. The last thing you want is to be writing a panicked email to clients and employees announcing an emergency business situation. While it may seem like a minor detail, it's worth it to sit down and plan out your communication strategy in case of an emergency. You could even draft up an email for emergencies so it's already planned out so you can sort out relevant information in a panic. Know the best ways to communicate with your employees and keep an up-to-date client email list.
Back-Up Your Systems
Make sure all of your important information is safely backed up. I cannot stress this enough. You can either keep up-to-date files in an off-site safety deposit box or the cloud. As a small business owner, you must be your biggest advocate and ensure your information is safe. Your data needs to be safe from natural disasters, cyber threats, and hardware failure. Keep you and your client’s personal information secure, but also accessible through a disaster.
It is always a good plan to have money saved in case of an emergency. If you need backup funds First Union Lending can put together the right plan for you. Click here or call.