BCP Insurance Checklist
Does your insurer or broker make allowances for effective risk management and Business Continuity Plans? Clear evidence is showing that, if not, it is about time that you asked them to.
The Business Continuity Institute has published a guide to Business Interruption Insurance and Business Continuity Management. Key findings in the guide include:
- Business continuity management can help with BII by reducing risk as well as the scale and duration of losses
- Discounts of up to 15% were achieved by some organisations from some insurance providers
- BCM also helps businesses to get cover where otherwise it would not be forthcoming.
Overall, the report clearly illustrates what we have seen demonstrated in the field for some time; namely that companies with BCM in place are better placed to recover from business interruption events, and thus lessen the scale of BII claims. So if your insurer will benefit from your effective risk management and Business Continuity Plan, why not ask them what they can do for you.
To help, we’ve adapted a short BCI checklist that you can use to help you get the best from your insurer and broker. Download the checklist.