Are you missing out on insurance benefits for your business continuity plan?
By Catherine McFarland • 20 Mar 2014
Last week, we conducted a survey of 558 UK business and IT decision-makers across the UK. It revealed that:
- More than half (54%) respondents were unaware there were insurance benefits in writing a business continuity plan.
- This is despite 68% of businesses surveyed claiming to have a business continuity plan in place.
Ensure your insurance is sure
54% is a surprisingly low awareness threshold when you consider that the British Insurance Brokers’ Association (Biba) has long committed to supporting business resilience measures with reduced insurance premiums and excesses. They actively promoted this stance in 2012, when they conducted a joint survey with the Cabinet Office. Their survey found that 83% of insurers questioned would give a discount or improve terms to a business interruption policy if a business continuity plan were in place.
As cunning as a fox
It’s frustrating that so many businesses don’t know about the insurance benefits open to them, and we hope this survey has helped some businesses be a bit shrewder in this respect. Running a small business is tough enough, and it’s now fairly standard in the UK that organisations with a business continuity plan in place can negotiate a 15% deal in their insurance premium. To help UK organisations with their business continuity planning.
We have developed a Business Continuity toolkit, which is free to download here.
Share this post