Left Navigation Business Insurance - Crisis Management A crisis can happen at any time, threatening an organization in a multitude of tangible and intangible ways. Following best practices in risk management – including creating a business continuity plan – can mean the difference between recovery and bankruptcy. Plan for the Worst-Case ScenarioWhile the probability of some events occurring may be relatively low, it’s best to know what to do in a crisis. You may want to consider how your business would respond to the following internal and external crises:A driver in your corporate fleet is found to be the cause of a massive, multi-vehicle collisionAn arsonist burns down your primary supplier’s warehouseYour office building is closed due to a terrorist threat A hacker successfully targets and shuts down all of your computer systemsAn ice storm cuts power to your only manufacturing plantOne of your best-selling products is subject to a massive recallYour CEO/executive team is tragically killed in a plane crash Create a Business Continuity PlanPrepare a written plan to map out strategies for a variety of crisis scenarios, and then review it on a regular basis. When developing and testing your plan, think about:Business-critical activities. Deploy resources to areas that matter most to operations, such as IT.Leadership. Designate key roles and backup resources to communicate internally and externally.Training. From first-aid to functional cross training, ensure your team is ready to pick up the pieces.Human resources. In the event of an injury or death, a crisis counsellor can provide expert advice. You can control the cost of your insurance premiums and improve your business operations by implementing risk management strategies. Create and review an emergency preparedness plan with your employees and/or volunteers. As an addition to your existing policy, business interruption insurance may cover your earnings during a shutdown period. Talk to your insurance representative about coverage that can help you mitigate some of your business risks. Business Insurance and YouManaging risk is an essential part of every business, large or small. Theft, fire, vandalism, riots: A host of perils could come your way and you need to be ready for them. Let’s look at some of the basic steps you can take. Related ServicesBusiness Continuity PlanPublic Safety Canada provides a step-by-step guide for business continuity planning. Ensuring that your business has a plan to deliver critical products and services after a natural disaster will help you better manage risk. Useful LinksBusiness Insurance Coverage Insurance protects you from losses that may pose a significant threat to your business operations. A major loss to one organization may be a trivial loss to another. When selecting coverage, deductibles and policy limits, there are many factors to consider. Business InterruptionYour ability to generate sales could be threatened at any moment. With business interruption coverage, a business owner can collect the income he or she would have expected to generate were it not for the unexpected event.Commercial PropertyProtecting your commercial property is critical to your businesses financial stability.