Research commissioned by Royal & SunAlliance (R&SA) has revealed that British businesses are ill-equipped and unprepared to cope in the event of a major incident occurring.
R&SA said results showed that 59% of British businesses lack a formal Business Continuity Plan to get the business up and running again.
There are some wide regional variations within this, with over two thirds (67%) of businesses in London prepared, compared with only 48% in Wales and 39% in the South East.
Research showed however, 94% of British businesses have some kind of informal contingency plans.
The research also showed that 35% of British businesses are not insured for such events and would have to bear the brunt of any costs associated with closure themselves.
Businesses were asked what they considered to be the greatest external threat to their business. Nationally, fire was seen as the biggest threat by three out of ten businesses.
Graham Heale, underwriting director at R&SA, said: "Many business owners may believe that they are well placed to deal with a major incident. However, the research shows that a majority lack the framework to ensure that normal business can continue at the earliest possible opportunity and with the least possible disruption to the business itself.
"Ensuring that your business has a viable continuity plan in place is vital."
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