Try to imagine the challenges and struggles your business would face in the wake of a natural disaster. It's scary to even consider. Now here's something even scarier: Even a relatively minor fire or flood can force your business to shut down operations, it does not have to be a large-scale disaster. Your commercial property insurance policy would help you rebuild your physical infrastructure, but are you equipped to deal with lost revenue and mounting expenses while you work to restore operations? Planning for the worst The difference between surviving a business interruption and going under often hinges on one factor: preparation. The best way to prevent a disaster from putting the future of your business at risk is to have a proper business continuity plan in place. Business continuity planning involves:

• Defining potential risks
• Determining how those risks will affect operations
• Implementing safeguards and procedures designed to mitigate those risks
• Testing those procedures to ensure that they work
• Reviewing the process to make sure that it is up to date

Start the process by establishing a planning team to develop the plan. Typical goals of your plan should include:

• Protecting the safety of employees, visitors, contractors and others at risk from hazards at the facility
• Maintaining customer service by minimising interruptions or disruptions of business operations
• Protecting facilities, physical assets and electronic information
• Preventing environmental contamination
• Protecting your organisation's brand, image and reputation

The planning process should take an 'all hazards' approach. The probability that a specific hazard will impact your business is hard to determine-that's why it's important to consider many different threats and hazards and the likelihood they will occur. A business impact analysis can predict the consequences of an interruption and give you a good idea of how your operations would be affected in case you were forced to temporarily close. Implementing the plan means more than simply exercising the plan during an emergency. It means acting on recommendations made during the hazard analysis, integrating the plan into company operations, training employees and evaluating the plan on an ongoing basis. It is important to conduct a formal audit of the entire plan at least once a year to help identify any factors that may necessitate changes, such as updated regulations or new hazards. Let us guide you through the process No business owner wants to think about what would happen to the business if disaster strikes, but it's a reality that all business owners must face. Schofield Insurance Brokers realises it can be a daunting task to plan for a major business interruption but it doesn't have to be. We can help you kick start your planning efforts with a suite of business continuity tools and resources, including a sample plan that can be tailored to meet the unique needs of your business. We can guide you step by step throughout the planning process, from assessing hazards to implementing safeguards to ensuring your plan stays up to date.

The Insurance Bill, a piece of legislation designed to modernise and support the growth of Britain's insurance industry, continues to move through Parliament and may obtain Royal Assent as early as 30 March 2015. The Bill ushers in a more modern regime for the industry by updating the 100 - year-old regulations governing contracts between businesses and insurers. The government believes that updating the regulations will lend transparency to the industry and lower the number of legal disputes, better equipping UK insurers to survive against global competitors who have already adopted more modern regimes for governing insurance. The Bill contains three main areas of reform: disclosure and misrepresentation in business and other non-consumer insurance contracts, warranties, and remedies for fraudulent claims.

Deciphering all of the parts of your home insurance policy can be difficult. This article covers the basics in order for you to understand your policy more easily. All home insurance policies follow the same general format: A declarations page, a definitions section and sections for property insurance and liability insurance.