Nearly Half of Businesses Aren’t Adequately Planning for Major Risks
Would your company survive a major incident such as a fire, flood, act of terrorism, or a pandemic like the swine flu?
New research from the British Insurance Brokers’ Association (BIBA) reveals that nearly half (45 percent) of businesses have no –or only vague –plans to deal with the effects of flood or storm damage. I found that statistic alarming, considering: 1) how common flood and storm damage claims are, and 2) that earlier BIBA research found that 80% of businesses affected by a major incident close down within 18 months.
BIBA surveyed 200 small businesses in 2009 and discovered that: (more…)
