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Any ensuing business interruption can lead to lost revenue and wages, and can even compromise the health and safety of those who depend on certain services (this is particularly true for healthcare providers).Establishing a disaster recovery plan is a critical step toward protecting your organization against business interruption loss. Risk Financing According to the Federal Emergency Management Agency (FEMA), more than 40% of businesses never reopen after a major disaster, and only 29% of those that do reopen are still in business two years later.For example, business interruption insurance is traditionally part of a property policy, which would likely exclude all claims related to cyber loss.
Banks and other financial institutions have similar compliance rules at state and federal levels.
Furthermore, company directors have a fiduciary duty to ensure successful recuperation after a major disaster, and mismanagement claims can be alleged by shareholders, regulators and any party who claims to have suffered following an inadequate response to a disaster.
It’s also important to consider that what happens to others and how they respond could impact you.
Infrastructure losses could affect you as well, whether it’s a utility interruption or blocked access to your business.
We understand the wealth preservation and estate planning challenges facing successful individuals. Learn More Silver Stone Group provides a broad range of personal insurance policies to help prepare for life’s uncertainties.
Our representatives work with you to assess your needs and exposures. Learn More“One of the great privileges in life is to work in an environment of mutual respect with people you enjoy spending time with. Our culture is collegial internally and client-centered externally.” John P.
Learn More Before there’s any discussion of issuing a policy, our industry experts and licensed professionals help you identify and evaluate risks.
Then we develop strategies that address every aspect of your business.
For illustrative purposes, we will explore these steps in the context of a single exposure – a tornado.
Depending on your proximity to a large metropolitan area, getting back to business after a tornado may take longer or cost more than expected.