… it’s time to get things back on a stable footing. Within a few weeks (assuming there’s no more Icelandic ash), all the airliners and stranded people will be back in the right places. We can all stop worrying, and get on with life.
Sorry, but this is wrong on two counts.
To start with, there will be insurance wrangling for many months … perhaps even years. This will affect individuals and corporations. There is a prevailing mental attitude which we all suffer from (to some extent): if we’re insured, we’re OK. The insurance companies will have been scrutinising their own small print while people have been stranded, to see if they do actually have to pay up. People may or may not get back the extra money spent, but will it compensate for missed holidays, weddings, and other events?
Some businesses too will have been insured … key person insurance, loss of perishables, and so on. Will any money they get compensate them for the damage to their business? Businesses (because they are run by people) assume they are OK if insured. But if a key person is out of action (for whatever reason), is a sum of money some time later going to solve the problems there and then … when they happen? I’m sure I don’t have to answer that question!
First and foremost, a business – any business, every business – must have plans in place so everyone knows what to do when there’s a problem. If a key person isn’t there, you must know how to keep your business running. Having an insurance policy does not deliver this business necessity.
The second reason you can’t just carry on as usual, is that the volcano (or any other of many on Iceland) could easily erupt again.
If you are serious about running your business (and it doesn’t matter how big or small it is), you must be serious about business continuity planning. Maybe you don’t like the term or the jargon, but don’t let it stop you planning. Worried about the costs? There’s a huge amount you can do by researching on the Internet or just buying a single book. Insurance may well be part of the mix for you, but it isn’t anywhere near the starting point.
If you want some experienced help, you could always ask me!
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