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Disaster Proof Insurance |
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Business Insurance
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How can I disaster-proof my business?
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Planning
ahead will help you recover more
quickly should a disaster occur
that affects the operation of
your small or medium-sized
business. This involves taking
out the right insurance policy
with adequate levels of small
business insurance cover. It
also means developing and
constantly maintaining an
adequate disaster recovery plan
and getting interruption of
business insurance.
Tips for disaster damage control
Insuring your small to
medium-sized business or company
against disasters like fire is
crucial. Also send your staff
members on a fire safety course,
especially those who are
responsible for storage areas,
maintenance and other operations
where flammable substances are
regularly used. But beyond
business insurance against
damage, you also need to give
some serious thought to taking
out interruption of business
insurance.
Check your electrical wiring
Have your business premise or
home office wiring checked out
for faulty connections, worn out
wires, switches, etc. Faulty
wiring is very often responsible
for fires. House your small
business in a fire-proof
building; trading from a
thatched roof building puts your
infrastructure and records at
risk. It may also be worth your
while to install a fire alarm or
a sprinkler system to help
prevent fires from breaking out.
If you do the above, it will
definitely result in reduced
small business insurance rates
for your business’ insurance
policy.
Make data back-ups
Keep up-to-date duplicate
records of all data, including
computer files, backed-up CD’s,
business reports and balance
statements.
Plan for the worst
Work out a contingency plan that
assumes the worst-case scenario.
Set up an emergency response
plan and train your staff
members on evacuation plans and
response requirements. Compile a
list of important phone numbers,
including emergency numbers,
major clients and business
associates, suppliers, buyers,
etc. Keep copies of these and
data back-ups off-premise in
case of the damage being
widespread.
Spend time developing a disaster
communications strategy to
prevent loss of current and
potential customers. Explore
options such as email
communications, posting notices,
dropping flyers, contacting
clients by phone or placing a
notice in the local press.
Lastly, keep your staff informed
about any changes to this plan
and do routine staff training in
terms of safety and evacuation
procedures.
Contacting South African small
business insurance companies
such as
Dial Direct,
First for
Women,
Auto & General or
Budget
Insurance Brokers will provide
you with more information on
obtaining the correct small
business insurance policy with
appropriate levels of business
insurance cover.
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