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So you’ve decided to open your own small business in that niche market and turn the world upside down. In addition to incorporating, filing for a business license, and picking a business name, you receive multiple recommendations to go ahead and purchase business insurance. You begin your search with your personal broker and finally receive a quote for business insurance after a couple weeks of work. Your broker draws up the policy and works out the payment schedule. You’re now covered, right?
Sadly, purchasing a business insurance policy does not fully protect your business. Business protection goes well beyond simply purchasing an insurance policy. Things like risk evaluation, impact analysis, strategies, plans, communications, and coordination with other agencies are all needed to ensure your business can continue operation through a crisis.
In fully protecting your business, it is important to utilize a proven methodology. Many business protection methodologies exist today. Several standards are available such as BS25999, PAS 1600, CSA Z1600, and many others. There are additional guidelines documents available through standards bodies as well. And methodologies exist through higher education curriculums as well as certification programs such as DRII’s professional practices.
Business owners and managers are great at providing services and products to their customers. Their skills are focused on business operations and product development. Not on business protection. Yet, knowledge and skills in the proper methodologies are necessary to fully protect a business.
So while business insurance is a necessity, a policy does not fully protect any business. It is important to follow a proven methodology to develop a full business protection program. Many methodologies exist including standards, guidelines, higher education curriculums, and certification programs. While business owners and managers are great at daily operations, it is important to obtain the skills necessary to fully develop a business protection program to ensure their company can continue to operate under an alternative management plan in the event of a crisis.
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