Weather disruption highlights need for business continuity
Commercial insurance
19th January 2010
The need for organisations to ensure that they are prepared for any unexpected disruptions to their operations has been highlighted by the recent wintery weather conditions - and Giles Insurance Brokers Ltd has emphasised the importance of business continuity management and effective cover to protect against unforeseen incidents.
Millions of workers were prevented from getting to their jobs by snow and ice over recent weeks and RSA estimates that up to £690 million a day could be lost by UK firms as a direct result of the big freeze. With small firms potentially risking losses of thousands of pounds in such conditions and many already feeling the impact of the recession on their profits, it is more important than ever to take precautions against such eventualities.
Providing ways in which employees can log into IT systems remotely can be one way of protecting staff from the potential dangers of trying to get into work in treacherous conditions and ensuring that businesses continue operating in the snow. Businesses should also take care when gritting surfaces to assist employees coming into the office to ensure that such actions are done safely and do not pose any additional health and safety risk.
Winter weather conditions can increase the potential for employees to injure themselves in the workplace, highlighting how vital it is to have liability insurance policies in place to guard against potential costs arising from incidents.
Additionally, firms should also ensure that they have taken all possible precautions to protect their assets against the possible effects of extreme weather, such as pipes freezing or flooding, as such incidents can cause substantial stoppages and may place firms' futures in jeopardy. In such cases, effective insurance cover can help to provide alternative premises and ensure that repairs are carried out in a timely manner.
Howard Pearson, retail managing director of Giles Insurance, explained: "It is more important than ever with increased flooding and the recent big freeze across the UK to insure against unforeseen disruption.
"Many small businesses are finding their budgets constrained as a result of the recession and tighter lending policies from banks and may find it difficult to survive the additional financial losses incurred if they do not have effective cover in place.
"Some company bosses may be unaware of the range of policies available to guard against such risks and they could benefit from expert advice to provide them with improved peace of mind if something unexpected happens."
Business interruption policies can assist firms concerned about incidents such as extreme weather conditions affecting continuity by protecting them against loss of profits, while good buildings and contents insurance and effective disaster planning can also assist in mitigating the impact of extreme weather and other events on company finances and operations.
Established in 1967, Giles Insurance employs a specialist team of insurance professionals with widespread experience in assessing the risks posed to commercial businesses and can help firms with personalised risk assessments and expert advice, enabling them to select the right cover to suit the specific size, nature and needs of their organisation, including business interruption, products liability, directors & officers, property, public liability and employers liability insurance.
