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Small businesses should make sure they have business continuity plans in place prior to company formation, an insurance expert has advised.
Steve Foulsham, technical services officer for the British Insurance Brokers Association (BIBA), explained that such plans ensure that businesses can "still deal with their customers …suppliers [and] …their work force" following unexpected events such as severe weather or terrorism.
He said that small firms should try and take into account all possible problems prior to start up and during the course of the business operation.
Mr Foulsham emphasised that a lot of the necessary asset protection measures "are common sense" and continued: "For example, if you rely on a server, then…put it on the first floor rather than the ground floor, where it cant be at the mercy of an ingress of water in the event of a flood.
"Its about looking at risk assessment and looking at all those issues to try and plan before the event rather than when it happens."
A recent survey by Populus found that almost 75 per cent of businesses had no plans for dealing with the resulting impact of acts of terrorism.
Just 50 per cent were found to have a formal written business continuity plan in place.
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