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Companies Need a Business Continuity Plan. Cincinnati Can Help.

It’s hard to predict what could go wrong when disaster strikes, whether it’s a natural disaster, human-caused hazard, technology disruption or health emergency. But without an effective business continuity plan, the magnitude of what can go wrong will be much greater than expected. Your business could be at risk.

A business continuity plan is a process for creating systems of prevention and recovery to address potential threats to a company. In addition to prevention, the goal is to enable ongoing operations and get the business back up and running quickly.

Without a plan, your business could suffer:

  • Diminished reputation
  • Financial loss
  • Decreased operations
  • Potential closure

These risks may exclude potential liability litigation costs – which could be significant.

According to the U.S. Small Business Administration, 25% of businesses do not open again after a disaster. The SBA urges business owners to identify risks relevant to their locations and develop plans to address them.

The U.S. Department of Homeland Security includes tools and checklists for business impact analysis and business continuity planning on its website at Ready.gov.

The agency encourages businesses to consider the risks from a variety of disruptions:

  • Physical damage to buildings
  • Damage to or breakdown of machinery, systems or equipment
  • Restricted access to a site or building
  • Interruption of the supply chain, including failure of a supplier or disruption of transportation of goods from the supplier
  • Utility outage such as, electrical power or natural gas supply
  • Damage to, or loss or corruption of, information technology including voice and data communications, servers, computers, operating systems, applications and data
  • Absenteeism of essential employees

Cincinnati can help your business with business continuity risks. We staff loss control specialists who are Associate Business Continuity Planners, and are ready to provide consulting services on business continuity planning.

Services we include at no additional cost include:

  • Review of existing business continuity plans
  • Consultation on plan development and other resources
  • Gap analysis and business impact reviews
  • Consultation on supply chain issues

Online assistance is also available to you any time. Use our threat matrix to review threats that could affect your business, score them to determine their potential impact and prioritize those that require attention in your business continuity plans. This simple tool not only allows you to perform your own self-assessment, but you can also choose to share your results with our on-staff experts and consult with them on how you can create continuity plans that align with your business.

Please contact your local independent agent if you have questions or concerns you would like to discuss with your Cincinnati Insurance loss control representative about business continuity planning.

Our loss control service is advisory only. We assume no responsibility for management or control of customer loss control activities or for implementation of recommended corrective measures. These materials were gathered from trade services and public information. We have not tried to identify all exposures. We do not warrant that this information is consistent with Cincinnati underwriting guidelines or with any federal, state or local law, regulation or ordinance.

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