The fallout from the Buncefield explosions highlights the lack of disaster recovery planning, says Allianz Cornhill.
Sixteen of the 25 business severely affected by the blast, which happened almost a year ago, have been forced to relocate.
Andrew Miller, Allianz's risk control surveyors manager, commented: "After a major incident which significantly interrupts a company's operations, up to 80% of companies which do not have an effective disaster recovery plan never recover and cease trading within 18 months. Implementing recovery plans quickly is vital if the business is to get back on its feet. Insurers are able to provide expert help and support in the planning process."
Miller highlighted three vital factors in coping with a major incident;
1. Strong leadership coupled with the desire and energy to get back into business
2. Good relationships with customers
3. An effective business continuity plan.
"Small businesses are usually most at risk as they are less likely to have alternative premises from where they can continue trading and less resources to carry them through if a major disaster was to happen.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
