Last month was Fire Prevention month. September was Emergency Preparedness month. There was a lot of coverage on how best to prepare your business for disaster. In addition to preparing for disasters like fires, floods and hurricanes, as a small business owner, you must also prepare for a catastrophic loss of business income if you are closed and cannot work.
If something where to unexpectedly happen to the key people in your business and these people could not get to work, the business would suffer; the employees would suffer; the clients would suffer and the business would suffer loss of income.
As you review your business insurance policy this year, take time to put plans in writing about what to do if something happens to you or one of your key partners. Could business continue? Is there a client list in safe keeping that could be referenced? Is there backup data storage somewhere that is fully updated? Are employees equipped and able to work from home? This is just a short list of things to consider, but sitting down and drafting a plan is well worth your time.