Disasters can strike at anytime so it’s important to take stock of your emergency plan. According to the Federal Emergency Management Agency (FEMA), every company, no matter its size, should have a disaster recovery plan. It’s estimated that 25% of businesses don’t reopen after a major catastrophe. Being prepared can help your business recover from a hurricane or other cataclysmic event. If you already have an emergency plan, see how it compares with the tips below. If you don’t have a catastrophe plan yet, keep reading to find out what yours should include.
According to a Federal Reserve report, in 2017 (the latest year for which data is available), 46% of businesses affected by a disaster reported asset losses of $1,000 to $25,000 and 19% lost more than $25,000. These numbers don’t include productivity losses due to reduced employee man-hours or business costs incurred during the disaster recovery process. That’s a lot of money for most small businesses.
Emergency preparedness can go a long way toward helping you safeguard important assets and data—and get your business operating again after a disaster. Here are nine things your company’s disaster plan should include:
Now that you know what to do to prepare for an emergency, you can get started on your own plan. For additional emergency resources, visit the SBA or the U. S. Chamber of Commerce Foundation. If you’d like to discuss how we can help you make sure your finances are in order, contact your local banker using the form below.