In today's volatile landscape of rising inflation, a sluggish economy, dwindling business confidence, and pervasive political and social uncertainty, it's easy to feel disheartened.

These last few weeks, even the weather seems to conspire against us!

Just as we know the fog is not permanent, we need to remind ourselves every period of downturn eventually gives way to an upswing.

In the meantime, we can take steps to find assurance during times of uncertainty. Instead of fretting over factors beyond our control, we should concentrate on the things we can influence.

In past columns, we discussed the importance of (re)structuring insurance during challenging times and the significance of understanding one's coverage while seeking advice from trusted professionals.

This week, let’s focus on something businesses can do to provide assurance: develop a well-crafted Business Continuity Plan (BCP).

A BCP is a comprehensive strategy to ensure that a business’s essential functions and operations can continue during and after a disruptive event or disaster.  Its primary objective is to minimize the impact of such events and enable swift recovery and resumption of operations. 

Key components of a BCP include:

1. Your staff: People are your most valuable asset. During times of disruption, the dedication and competence of your staff can make the difference between success and failure.
2. Core products and/or services: Understanding your core offerings is crucial, as you may need to streamline operations to the basics during emergencies.
3. Essential roles and tasks: Identify the tasks vital to delivering core products or services, ensuring continuity during disruptive events.
4. Essential supplies: Determine the resources and supplies necessary for creating and delivering core products or services.
5. Essential equipment: Identify the tools, equipment, and technologies required for delivering core products or services.
6. Key customers/clients: Recognize key customers or clients and explore alternative options for delivering products or services to them during disruptions.
7. Relocation options: It’s possible your current premises may become unavailable during a disruption. What would be needed to relocate your business?
8. Insurance requirements: Various forms of business insurance can improve the chances of your organization's survival during a disruption. Assess your insurance needs alongside your BCP plan with support from your Insurance adviser.
9. Delegation of authority: Identify individuals who can step in to manage your business and make critical decisions in the absence of the owner or manager.
10. Backup your records: Determine which information needs to be backed up and establish processes to ensure the preservation of records.
11. Save this plan: Ensure your BCP is always easily accessible to critical staff members.
12. Practice the plan: Regularly rehearse and test your BCP to familiarize staff with their roles and responsibilities during emergencies.

Valuable resources can be downloaded from OtagoCDEM.govt.nz to aid in the BCP development process.

At C&R Insurance we take care of the insurance and make sure your risk is mitigated and assessed in conjunction with your BCP plan. To review how Assurance forms part of your Insurance, please feel free to reach out.