Companies can pay a hefty sum if they ever experience any downtime. In fact, Delta Air Lines had a bad bout of severe downtime just last month. In just three days, the airline company cancelled 2300 scheduled flights and suffered $150 million in income loss.
Like all things man-made and otherwise, business continuity plans are not perfect. They too have pitfalls that can result in your business’s failure if not accounted for immediately. Don’t blame it all on the IT guy, as often times the way a system is designed can also have loopholes.
Even a single second of downtime at your business can cause a ripple effect that sees operations become unhinged. While most Business Continuity Plans (BCPs) take into account longer power outages, short ones can be just as dangerous to your company.
You are protecting your small or medium-sized business with insurance – of course you are. But is that really enough? The recent increase in natural disasters has led savvy business owners to also take out business interruption insurance, which covers many additional scenarios in the event that you are unable to carry on operating.
There is nothing worse for a company and its customers than being forced to close because of inclement weather. And with winter almost upon us once again, now is a good time to make sure your business continuity plan is prepared for anything and everything mother nature is looking to throw your way.