What is a business continuity plan, do you need one and how do you write one? FSB Insurance Service’s guide takes you through the process step-by-step.
What is a business continuity plan?
A business continuity plan (BCP) helps your company survive and continue running after a major disruption or disaster, like a fire, flood or cyber-attack. It highlights the step-by-step process of what should be done to prevent risks that can lead to your business having to close. It aims to protect critical business functions so you can continue operating and implement a recovery strategy.
Why is it important?
Although you know the risks, the effects these have on you are often unique to your business. There is no standard response. You know your business best, but rebuilding it, whilst continuing to operate if possible, is rarely easy or straightforward, even with help.
Business continuity planning helps your business survive a major disruptive event
Insurance doesn’t cover all aspects of business continuity risk, since it can’t cover any issues arising from a slow response
Plan timescales to ensure your IT gets back on track as quickly as possible in case of major disruption
Coordinate an emergency response and work to recover your business at the same time in case of a dangerous event such as fire or flood
In case of damage or destruction to infrastructure, your facilities managers will have a plan in place to either relocate or rebuild quickly
Getting up and running again soon after an sends a powerful message to your customers, reassuring them that they will never be left uncertain or under-supplied if your business suffers disruption