TDA Insurance Blog
Michigan Business Insurance: How To Stay Open In A Disaster!
1/12/2012 11:24:50 AM
Could your business survive a disaster? According to the Insurance Institute for Business and Home Safety (IBHS), about one-quarter of small to medium sized businesses do not reopen after a disaster, and of those that do, many more close within five years. While Michigan business insurance is an important part of risk management, it’s vital for a business to assess all the different events and hazards that may occur. Individual businesses should also have strategies for managing those risks. One way to do so is with a continuity plan, which enables a company to keep functioning during a disaster or to reopen soon afterwards.
The different categories of risk that may impact a business include natural, such as fire or hurricane, man-made, including sabotage and terrorism, technological, such as data corruption or downtime, accidents, political, security, loss of expertise, and other types including the effects of globalization, pandemics, or climate issues. Within each category, there are many different risk types. As every business is unique, each should conduct its own risk analysis and determine the strategies to best manage the threats and hazards it may face.
The IBHS has developed what is called an “Open for Business” toolkit, a free-of-charge program to help small to medium businesses create their own plans for business continuity and property protection. By having sound risk management in place, businesses may not only help reduce the impact of adverse events, but also save some money on Michigan business insurance costs that can result from filing claims!
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The different categories of risk that may impact a business include natural, such as fire or hurricane, man-made, including sabotage and terrorism, technological, such as data corruption or downtime, accidents, political, security, loss of expertise, and other types including the effects of globalization, pandemics, or climate issues. Within each category, there are many different risk types. As every business is unique, each should conduct its own risk analysis and determine the strategies to best manage the threats and hazards it may face.
The IBHS has developed what is called an “Open for Business” toolkit, a free-of-charge program to help small to medium businesses create their own plans for business continuity and property protection. By having sound risk management in place, businesses may not only help reduce the impact of adverse events, but also save some money on Michigan business insurance costs that can result from filing claims!
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