Disaster Recovery Plan

-
Disaster Recovery Plan A disaster recovery plan is a set of procedures and steps to protect businesses and aid in recovery after a natural or man-made disaster. A disaster recovery plan (also known as a business recovery plan) is an essential document for all small businesses. It helps business owners respond effectively to a catastrophic event, safeguarding business assets and re-establishing operations as quickly as possible. The plan should be highly detailed and practical, showing you exactly what to do after a disaster takes place. A disaster recovery plan and business interruption insurance are crucial resources for companies in the aftermath of a disaster What role does insurance play in a disaster recovery plan? A key part of disaster recovery planning is reviewing your business insurance to make sure you have adequate coverage for the costs of remediating a disaster. An important insurance policy to consider is business interruption insurance. It provides cash to replace your lost revenue, normal operating expenses, and the cost of moving your business to a temporary location. Having business interruption insurance might be the difference between your company surviving a disaster or shutting its doors permanently. Despite numerous benefits to having a disaster recovery plan, 61% of small business owners polled in a recent survey don’t have a formal disaster recovery business continuity plan in place. #BeNewinsurance #InsurTech #inclusiveinsurance #insurance #reinsurance #takaful #climatechange

Comments

Post a Comment

Thank you for making this valuable comment.

Popular posts from this blog

Host Liquor Liability vs. Liquor Liability

-
Image
Host Liquor Liability vs. Liquor Liability Host liquor liability insurance does not cover companies that manufacture, sell, or serve alcohol as part of their business operations, such as bars, breweries, and restaurants. Instead, businesses that sell or serve alcohol for profit would need to purchase liquor liability insurance to gain protection from lawsuits related to inebriated patrons who cause bodily harm or damage to others. What is social host liquor liability? Social host liquor liability refers to the liability individuals assume as a host if they hold a social gathering where alcohol is provided, but guests aren't paying for it. It covers individuals, not businesses, and is typically included in homeowner's and renter's insurance policies. If someone throws a party and a guest causes property damage or injuries to a third party after becoming intoxicated, social host liquor liability can pay for the host's legal expenses if a lawsuit is filed. Hosts can b...
Read more

Business Owner’s Policy

-
Image
Business Owner’s Policy A business owner’s policy (BOP) is defined as the combination of two important forms of insurance commercial property and general liability into one convenient package. Business owner’s policies usually cost less than buying the two coverages separately. A business owner’s policy combines general liability and commercial property insurance coverage to protect you against lawsuits and damages. In one convenient package, it covers several major lawsuit risks your small business could face, including those resulting from: -Third-party bodily injuries -Third-party property damage -Product liability incidents -Advertising injuries Business owner’s policies also provide financial support when your building or commercial property (also called business personal property) is damaged by an incident the policy covers, typically: -Fire -Theft -Vandalism -Some weather-related events In addition to providing a financial backstop for your small business, a BOP also gives ...
Read more

Third-Party Cyber Liability Insurance

-
Image
Third-Party Cyber Liability Insurance Ransomware, phishing attacks, and data breaches are continuing to rise impacting more businesses each year. If one of your clients is hacked and sues your business, the resulting legal bills could be devastating. Third-party cyber liability insurance helps ensure that your IT business can survive the financial aftereffects of cybercrime. Scenario 1; Let's say you're an IT consultant hired to help your client step up a security protocol. You recommend antivirus software that has a few recent well-documented weaknesses. When your client's network is compromised and customers' sensitive financial information is stolen, the client blames you and files a lawsuit. Scenario 2; Where Company A, a clothing retailer, stores customer data like names, addresses, and credit card information on their servers. Unfortunately, due to a security flaw in their system, hackers gain unauthorized access and steal this sensitive customer data. At ...
Read more