Why do business owners need a Business Continuity Plan (BCP)?

Many businesses have learned how difficult it can be to predict what type of event will permanently disrupt their operations. Factors like cybercrime, supply chain disruption, global pandemic, or extreme weather and climate change can permanently close a business. Those that remain unprepared will eventually fail. According to FEMA, 40% to 60% of small businesses do not reopen after a disaster1 and 90% of small businesses close within a year of a disaster if they cannot reopen within 5 days. Nationwide Insurance blog recently shared that 70% of business owners don’t have a comprehensive written plan in place. Regardless of size, every organization needs a Business Continuity Plan (BCP) to survive a disruption and remain in business.

How can business owners partner with Nationwide Loss Control Services to create or fortify their BCP?

Start by using Nationwide’s Business Continuity Management Interactive Program, available under the Programs menu on MyLossControlServices.com. Many Nationwide Loss Control Services associates are in the process of using the 6-step program to help customers build or supplement what they already have in place. One customer in Missouri said they were “intimidated when searching the internet for resources and this six-step process made getting started much less overwhelming.”

The Business Continuity Management Interactive Program model breaks what may seem daunting, into three distinct categories: Business Continuity Plan, Disaster Recovery Plan, and Risk Management Strategy. Nationwide has great supplemental BCP materials for each of these categories and there are over 43 embedded in this program including:

  • 2 new training videos
  • 4 new BCP models
  • 11 newly created Nationwide BCP resources
  • 12 existing Nationwide BCP resources
  • 13 open-source government and industry resources
  • 36 BCP terms with basic definitions

Additional Nationwide BCP resources continue to grow beginning with:

Use the Business Continuity Management Interactive Program to Strengthen your Agency Partnership

An astute business owner (or BCP responsible party) can use the Nationwide Business Continuity Management Interactive Program to ensure they have adequate insurance coverage for all aspects of their operations.

Walking through the BCP with your agent affords a unique opportunity for them to become well-acquainted with every aspect of your operations. It also provides an opportunity for your agent to evaluate existing insurance coverage and ensure you fully understand and have proper policies in place.

For example, involvement with BCP is an opportunity for the agent to ensure your organization has adequate Business Interruption, Professional Liability, Pollution, Inland Marine, E&O, Cyber Risk coverage, etc. It also provides an opportunity to ensure that exclusions, endorsements, and policy limits best serve your organizational interests, and that valuations and financial information are accurate so there will be no surprises when the policy is triggered.

Using the Business Continuity Management Interactive Program to assist with preparedness is a win-win.

Your agent and insurance company want your business to be resilient. No one can help your company if it is no longer in business. Nationwide Insurance is confident this tool will make a difference in your disaster preparedness. Effective use of this resource starts with an empowered responsible party who is willing to collaborate with multiple stake holders over an extended time. Help us help you by reaching out to your Nationwide Loss Control Services consultant to see how we can work together to ensure you are ready.

Find and use the Interactive Business Continuity Management Program at MyLossControlServices.com.

1 Ready.gov: Hurricane Toolkit

BullHorn-outlinemegaphone
Subscribe to our newsletter for timely content in your inbox