Disaster Recovery-What You Need To Do Before Disaster Strikes! Business Matters
itemed by Administrator (admin) on Sep 29 2009 at 5:35 PM
RockRidge Financial Blog >> Business Matters

We, in the Metro-Atlanta area have recently suffered some incredible rains/flooding that may have had a great impact on our businesses. It’s always very smart to have a standard practice to make sure that you protect one of your most valuable assets—your business!

Here’s a brief list of those areas that you’ll want to check in on and make sure you’re comfortable with, so if and when bad things happen, you’ll be able to breathe easier~
 
Review insurance policies. Your company probably already has property insurance to cover the cost of replacing damaged or destroyed equipment or buildings. How about business-interruption insurance, which covers lost income in the event that the business is forced to shut down temporarily? Keep in mind that being under-insured is a gamble: The Institute for Business & Home Safety estimates that about 25% of businesses that get hit by a calamity never reopen. By under-insuring property and inventory, insurance companies may not even insure those amounts that you are paying for to be covered. Every year, you should review your property and inventory levels and update your insurance company with a fair amount so that you’re not under-insured, and penalized for understating the balances.
 
Develop a contingency plan, including one in case disaster strikes a vendor. Come up with a list of backup vendors or suppliers. Consider alternative work sites so that you can keep operating if disaster strikes your company. Keep a list of 24-hour emergency numbers for all your employees, and develop a quick and efficient way of keeping your employees informed.
 
Back up data. Make backup copies of all critical records, such as accounting and employee data, customer lists, production formulas and inventory. Keep that information in a separate location — the farther away, the better — or subscribe to an online data backup service provider. You should, without fail, test the integrity of the data you’re backing up, to ensure that the data is backed up properly and can be retrieved if needed. Too many times, we’ve seen companies who backup their data, and then need it, not be able to draw from it, because the data is corrupted, or the information the company thought was being backed up—wasn’t!
 
Better to be safe than sorry!

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