Jerry Siver, CPCU

Licensed Insurance Advisor

 

Siver Insurance Agency, Inc.

P.O. Box 398, 125 Main St., South Lancaster, MA 01561

 

Phone:     978-368-8558

Toll Free: 800-696-8559 Ext. 217 

 

Email:  jerry@siverinsurance.com

November/December 2020

Business Continuity Planning

Business Continuity Planning

No one knows what the next business-threating crisis is going to be. But there are steps you can take in advance to help protect your business so it can survive, and continue to support you, your employees and their families.


Continuity Planning
- Make sure everyone knows their role. Designate someone to be responsible for each critical area.


Communicate Often
- Your appointed communications director will handle the press, ensure the website is kept current and provide information to employees, customers and other stakeholders.


Maintain Data Backup Processes
- Make sure daily backups are stored off site, in the cloud or both.


Rehearse
- Walk your team through security, data recovery, relocation and other plans once per year.


Consider Supply Chain Risk
- Ensure your critical vendors are also planning for the unexpected. Plan for alternative resources.


Document
- Every task that has to be done should be documented in a way so that even a junior employee can take charge and execute, if necessary.


Update Contact Information
- Be sure you always have current and complete contact information for employees, vendors and other key people and store it offsite.


Conduct an Insurance Audit Annually
- This process determines how much coverage you need and what type.

Business Interruption Insurance
- Consider this coverage which provides cash flow so you can pay bills, payroll and pay other expenses incurred due to a disaster or other covered event. (Many policies exclude a pandemic.)


Life Insurance
- Life insurance can provide liquidity and help fund a buy-sell agreement among the partners, so that they can easily buy a deceased partners’ interest in the company from the heirs.


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