Press Release: HB&O underline importance of disaster recovery plans

Businesses which fall victim to rioters, looters and criminal damage could lose more than owners expect, according to a team of financial experts.
In light of the riots and scenes of destruction sweeping the nation over the past few days Harrison Beale and Owen, which has offices in Leamington and Coventry, has warned business owners that failing to prepare for such events could have catastrophic consequences.
Many insurance companies are insisting that firms have a disaster recovery plan in place to prepare an organisation to deal with, and prevent, unnecessary losses in the event of disasters such as rioting, looting, flooding or fire.
A disaster recovery plan allows firms to identify risks as well as the likelihood of them happening and put in place a series of procedures and guidelines to prevent and mitigate the damage caused in the event of any disaster.
Greg Philp, of HB&O, said: “Prior to the riots, severe floods across the country saw an increasing amount of insurance companies insisting firms have a disaster recovery plan in place – and in light of recent events the number insisting on this type of plan is likely to increase.
“In a worst case scenario an insurer would refuse to cover any losses if a firm failed to take adequate steps to protect against them – which could include the failure to produce a disaster recovery plan.
“Any subsequent losses caused by a disaster, such as lack of an ability to trade, could also be avoided by having this sort of plan in place.
“Almost as important as producing the plan is ensuring that it is accurate and effective – so it is essential to seek expert advice when putting together a document of this nature.”
For more information on disaster recovery plans contact Greg Philp on 01926 422292.
ENDS
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