Continuity Risk

Disaster preparedness, business continuity and the role of insurance

Earthquakes, tsunamis, volcanic eruption and yes, manmade cyber-attacks are real threats and possibilities which smart businesses plan and take account of in their modern operations.

This frightening statement underscores the importance of business continuity planning and disaster preparedness particularly after the terrible 2017 Hurricane Season experienced in the Caribbean.

“Only one in twenty five business affected by severe disasters ever reopen the doors again”Two back to back category 5 Hurricanes, Irma and Maria, brings to the fore the importance of Insurance not just for homes and personal property, but for Businesses. At the Chamber 133rd Annual General Meeting it was revealed that in the region estimates are that only 20% of all buildings are insured and approximately 80% of that group are under insured.

Understanding how firms, large and small can mitigate their risks and give themselves a chance to regroup and continue in the event of disasters, natural or manmade is the purpose of a one day symposium being organized by the St. Lucia Chamber of Commerce, Industry and Agriculture titled “Disaster Mitigation in a New Climate: Business Continuity and Insurance” on 8th May 2018 from 9:00am-3:30pm at the Finance Administrative Centre.

Read entire article Disaster preparedness, business continuity and the role of insurance | St Lucia News Online

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