Did you know that nearly 1 in 5 UK businesses suffer a major disruption once a year? Change is inevitable and it\u2019s impossible to predict what\u2019s around the corner. Over the past few years, UK businesses alone have faced Brexit, the Covid-19 pandemic and most recently, the cost-of-living crisis. How prepared was your business for these events? Is there anything that you would change if you had to face something similar again?<\/p>\n\n\n\n
Managing change isn\u2019t easy, but with processes and workflows in place that set out what your business should do in the face of a major disruptive event, organisations have a better chance of continuing to operate through turbulent times. We look at what your business needs to do to become more resilient to disruptive events, helping you to make the right choices among the chaos. <\/p>\n\n\n\n
The term \u2018business resilience\u2019 describes a business\u2019s ability to adapt to, and continue to operate under, unforeseen disruption. This can include natural disasters, economic disrepair and major supply chain failures. To become resilient, a business should have a series of holistic management processes \u2013 or a \u2018business resilience plan\u2019 in place for the \u2018what ifs\u2019 \u2013 changes that have the potential to cause significant disruption to the day-to-day running of your business.<\/p>\n\n\n\n
For example:<\/p>\n\n\n\n
There are several stages to building a business resilience plan, including:<\/p>\n\n\n\n
Analysis<\/strong> \u2013 Conducting a full risk evaluation to determine your priorities, how these would be impacted by key disruptions and how much time you would have before the situation became critical. At this stage, you should consider your resources and what is realistic for your organisation.<\/p>\n\n\n\n Design and Implementation<\/strong> \u2013 Consider the processes and strategies required for your business to correctly respond to and recover from the key disruptions above. These processes will need to account for areas such as business processes, who is responsible for what, backup arrangements and emergency contacts. Consider how will these be presented \u2013 will they be heavily detailed or set out as a series of checklists?<\/p>\n\n\n\n Testing<\/strong> \u2013 It\u2019s crucial that you immediately test your plans for any gaps or discrepancies, you can do this using walkthrough exercises or by using online or physical simulations. You can then tweak the processes based on your findings.<\/p>\n\n\n\n While creating a business resilience plan can make the difference between a company surviving unexpected events or not, for many, being truly resilient as a business means much more than simply having a Business Continuity Plan in place.<\/p>\n\n\n\n Part of ensuring your business is resilient is making sure that you have the right insurance in place. From Business Interruption cover to Cyber Insurance, these policies are all geared to ensuring that you have financial support should disaster strike. Without the right foundations, your business could be in trouble from the offset. <\/p>\n\n\n\n To make sure you get this right, at Rowett Insurance Broking Limited, we know insurance inside and out and can help you shape a policy that mitigates the risks that your business faces. To find out more about how we can help your business, just get in touch on 01726 871144 option 3 or visit\u00a0<\/a>our dedicated commercial insurance pages.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Did you know that nearly 1 in 5 UK businesses suffer a major disruption once a year? Change is inevitable and it\u2019s impossible to predict what\u2019s around the corner. Over the past few years, UK businesses alone have faced Brexit, the Covid-19 pandemic and most recently, the cost-of-living crisis. How prepared was your business for […]<\/p>\n","protected":false},"author":2,"featured_media":49,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[6,5,8,9,7],"class_list":["post-28","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business-continuity","tag-business-insurance","tag-business-interruption-insurance","tag-business-liability-insurance","tag-business-resilience"],"_links":{"self":[{"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/posts\/28","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=28"}],"version-history":[{"count":2,"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/posts\/28\/revisions"}],"predecessor-version":[{"id":50,"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/posts\/28\/revisions\/50"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/media\/49"}],"wp:attachment":[{"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=28"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=28"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rowett-insurance.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=28"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Business resilience and insurance<\/h2>\n\n\n\n