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The Importance of Business Continuity

Charities and not-for-profits

like any other organisation, are susceptible to a business disruption, such as a natural disaster or equipment failure, that makes it impossible to continue normal business operations.
However, despite the risks, some charities continue to skimp on or completely neglect business continuity planning (BCP), believing that, as a charity, they are immune to large-scale disruption.
Some charities rely on their insurance policies to tide them over when disaster strikes, but insurance is not enough to mitigate the negative and far-reaching effects of business disruption. A business interruption policy provides a safety net should your organisation stumble, but it will not instantly propyour organisation back up. It needs to be supported by a business continuity plan and proper risk management.
Charities and not-for-profits usually have fewer resources and less money than for-profit businesses. But this should not prevent charities from creating and implementing an appropriate business continuity plan.
To start, implement stringent BCP at your charity. Follow these five steps of BCP to ensure your charity is ready for every disaster:
1. Identify the risks. Conduct a risk assessment of any potential hazards that could disrupt your charity’s operations.
2. Analyse the risks. Determine the severity of each risk’s impact and what is necessary for recovery.
3. Design your strategy. Consider the best plan to smooth over any interruptions.
4. Develop and execute your plan. Create a concise, easy-to-follow set of documents outlining your business continuity policies.
5. Test the plan. Make sure it works by testing it out and eliciting employee feedback.

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Using our expertise and a keen understanding of the needs of our customers and trading partners Insurance Quote 365 has earned an enviable reputation for market leading insurance cover at competitive premiums. By using our close connections with some of the largest and most respected insurers in the country, including markets such as Lloyds of London, we offer a commercial insurance service on which businesses can rely. Inspire Insurance also uses the latest and most advanced IT platforms available to deliver a quick and efficient response to its clients requests.

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