Support for National Preparedness Week
This week is National Preparedness Week which is an initiative of the Australian Red Cross. To learn more visit: https://www.redcross.org.au/get-help/emergencies/preparing-for-emergencies/emergency-preparedness-week-2020-resources
In my experience one of the very best ways for a business to prepare is to develop a Business Continuity Plan. As the old saying goes, “the proof is in the pudding is in the eating”.
I have witnessed the benefit before and after the event. In the before, I believe there are 3 main benefits. While I am referring to business here, it does apply to households and individuals.
First, you carry out a business impact analysis and this identifies risks and rates them on likelihood and the impact. This allows businesses to reduce risk wherever it is commercially viable. Secondly, it allows the business to resource up to reduce the impact of a crisis, e.g having spares parts readily available, or have things in place to reduce the risk of damage or disruption, e.g. a back up generator. Finally in the pre event, it focuses the business on what insurance they ought to have that best protects them.
Remember “if only” are the two saddest words in the English language.
In the post event situation, it allows those charged with recovery to get things happening quickly knowing exactly what has to be done, where to go etc. The negative energy that is often wasted in feeling sorry, worrying and trying to work out what to do, is channelled into the recovery.
All the research carried out in this area shows that businesses that have a fully documented and exercised business continuity management plan recover significantly faster than those without.
I believe in this so much that I wanted every business to have an cost effective way to build a plan and hence ContinuityCoach.com was created.
The area that the insurance industry has not provided enough support in until lately and then only in some classes of insurance, is the mental stress on the owners, managers, and staff of businesses effected by a crisis.
It is really good that this hidden issue is gaining more and more awareness. To support our customers we, at LMI, have created Managing Our Minds Psychology so that while the claims, forensic and legal division support the business in mitigating the loss and preparing the insurance claim(s), quality mental health support is provided to all that require it during this very stressful time.
To learn more about any of the services mentioned in assisting with your or your clients preparedness or crisis, please do not hesitate to contact me at allan.manning@lmigroup.com.