BATH, UK: Small and medium sized business (SMBs) in the UK are missing out on insurance deals available to them; provided they have a business continuity plan in place. Cloud Direct, a cloud services broker (CSB), found the same when they surveyed more than 500 UK SMBs earlier this month, March 2014.
The survey of 558 business and IT decision-makers revealed that more than half (54 percent) of respondents were in fact unaware that there remained insurance benefits in having a business continuity plan. This is despite 68 percent of people saying they are already having a business continuity plan in place.
The British Insurance Brokers’ Association (Biba) from their barrio have long committed in supporting business resilience measures with reduced insurance premiums and excesses. To be able to promote this stance in fiscal 2012, they coxswained a joint survey with the Cabinet Office, which found that 83 percent of insurers questioned would give a discount or improve terms to a business interruption policy if a business continuity plan were in place.
Cloud Direct’s March 2014 survey also brought into being that almost one in every six UK businesses (15 percent) still doesn’t know what a business continuity plan is. This is despite 44 percent of businesses having experienced some form of business disruption – either through human error, IT failure or natural disaster.
Eliza Rawlings, MD of Cloud Direct alleged that- “It’s frustrating that businesses don’t know about the insurance perks and we hope this survey has helped some businesses from that point of view.”
“But it’s also a little disconcerting that nearly a third (32 percent) of businesses don’t have a business continuity plan in place. Just think of the recent storms, floods and power outages that have made businesses suffer terribly. What if that was one of your key business partners or suppliers and your business suffered as a result? A really good business continuity plan will help those businesses anticipate, prevent, mitigate and recover from those kinds of unplanned events.”