Food for Thought
Downtime can be disastrous for small businesses. With operations halted, income stops, but bills and expenses continue to pile up. In the event of a planned stoppage, that can be costly, but an unplanned stoppage can be devastating. To help minimize the risks of such a stoppage, Robert Fiorito, of HUB Insurance, writing for Total Food, offers some key questions that, when considered, can help to protect your small business. To assist in their completion, Fiorito divides these questions into four groups:
- Financial Value – Do you have accurate records with which to prove the value of your business, and are any notable changes expected in the next 12 months?
- Recovery Times – What length of time would it take to recover from various types of interruption, and do you have a business continuity plan in place?
- Market Changes – How could market changes affect the costs of a business interruption? Are you subject to risk from attacks on your networks?
- External Support – Would a business interruption at a single supplier have a disruptive effect on your operations? Could you handle the temporary or permanent loss of key employees?