Business Continuity and Disaster Recovery
A disaster has just occurred at your company in New York – it could be a natural disaster like a flood, or a hurricane, or a wildfire; all of which we have seen with greater regularity and severity than ever before; or it could be man-made such as a devastating fire.
Many business owners first thought is to call their insurance broker and get a claim underway. That’s important, as is the preparation of insurance coverage way in advance of the disaster occurrence; but what are you going to do now that you have no office to sit in, or your manufacturing operations are shut down, or your distribution operation is out of commission for possibly months?
Preparation and pre-planning are key strategies behind Business Continuity And Disaster Recovery, whether your New York company is faced with a catastrophic occurrence or a relatively small short term cessation of business.
Insurance will help finance the repair of your damaged facilities under your property policy; hopefully you have sufficient limits of coverage to restore property fully and you have extensions for flood and earthquake for those potential perils. Your lost income could be covered by the business income section of your property policy (commonly referred to as business interruption insurance). But, often we find that business income coverage is lacking on the insurance programs we review because the agent and/or the insured didn’t understand how to complete the business income worksheet, or it wasn’t completed at all, or the duration of loss wasn’t properly estimated. This could be your biggest problem following a major loss, but it’s also the simplest and least expensive method to help guarantee your future.
How Do I Assure Successful Recovery from a Disaster?
So the first step to assure your recovery is to make sure your insurance coverage is properly designed and your limits of coverage are sufficient to meet your needs – especially with regard to business income / business interruption insurance.
But, there’s much more to a successful recovery than just insurance. For a moment, stop and imagine what happens when you are forced out of business by a disaster. How do you communicate with employees? How do you retain good employees who might start looking for work elsewhere on news that their workplace just burned down? What about customers? How will you fill their orders, and if you can’t fill those orders how will you win them back after they start doing business with your competitors? What about suppliers – what if they continue to show up with raw materials with no place to deliver them to? The list of questions goes on and on. The point of planning out a recovery is to have answers for these questions, as well as a strategy for keeping good employees, good customers, good suppliers, and not to lose your shirt in the process.
The Business Continuity & Disaster Recovery Process is a complex one, with steps for assessment, impact analysis, strategies for loss mitigation and recovery, execution and testing. Depending on the size of your company, it could take a few weeks to several months to take all those steps necessary to build a plan and assemble the required resources. From our offices in New York, The Coyle Group is here to help you work through those phases and support your initiative to complete and test a plan. Our experience and rich resource base can help with all aspects of your company’s Business Continuity and Disaster Recovery Plan.
Call Us in New York for Business Continuity & Disaster Recovery Services
Since 1929, The Coyle Group has been serving businesses in New York with Business Continuity and Disaster Recovery Services in the Rockland County communities of: New City, Nanuet, Haverstraw, Pearl River, Stony Point, Suffern, West Nyack, Congers, Valley Cottage, Nyack, Orangeburg, Blauvelt, Palisades, and Chestnut Ridge; the Orange County communities of: Goshen, Pine Bush, Middletown, Newburgh, New Windsor; the Westchester County communities of: White Plains, Yonkers, New Rochelle, Bedford, Elmsford. And in New York City – Manhattan, Bronx, and Brooklyn.
For more information regarding our Business Continuity & Disaster Recovery Planning Process please contact us in New City, New York, by either calling 800-287-4115 or using the contact box above.