Unexpected interruptions crush businesses – Here’s how to protect your company
Business interruptions are one of the biggest threats for companies of all sizes.
While it’s impossible to prepare for every eventuality, taking a little time now to plan can keep your business running smoothly in case of unforeseen disaster.
The key to protecting against business interruption is to develop a robust disaster management plan.
At TIH Advisory, our business insurance specialists can help ensure you are not only adequately covered from an insurance perspective, but also prepared from an operational perspective.
Proactive planning and adaptability is key
A good disaster management plan isn’t just about insurance.
It’s also about creating strong safety protocols and measures that can stand the test of time.
Here are a couple of ideas to ensure you have a robust plan.
- Business continuity planning (BCP): Outline how your business will continue operating during disruptions. Regularly review and update the plan as your business expands.
- Risk assessment: Identify vulnerabilities and prioritise potential risks (natural disasters, supply chain disruptions, cyberattacks), based on impact and likelihood.
- Supply chain diversification: Build redundancy by maintaining good relationships with multiple vendors.
- Remote work capabilities: Plan for remote work with cloud-based tools and secure VPNs.
- Data backup and recovery: Regularly back up critical data.
- Emergency communication plan: Set up clear communication channels to keep employees, customers, and stakeholders up to speed during disruptions.
- Financial reserves: Maintain enough cash reserves to cover operational costs during interruptions.
For more advice, click here to contact TIH Advisory.
We are here to help you protect your business from any angle.
Business Insurance (BI) cover
The most important way to secure your business is through BI insurance.
It’s designed to protect your business from losing income as a direct result of physical damage to your business property by a covered event as specified in your policy.
We offer free consultations to ensure you have the right coverage in place.
In these consultations, our team can help you understand what is covered and what isn’t, as well as how to adhere to insurance guidelines to prevent unnecessary damage to your property.
BI cover pays for lost income, but only up to the policy limit.
We also help you keep your insurance up-to-date with accurate asset evaluations, so you’re not left underinsured and with a financial shortfall.
TIH Advisory: Modern financial advice tailored to you
We understand that each business has unique needs – especially when it comes to insurance.
In today’s fast-paced environment, many business owners appreciate the convenience of digital insurance platforms,
But for more complex needs, personalised advice from experienced specialists is invaluable.
TIH Advisory comprises a new generation of financial advisors who believe in personalised service and solutions.
Our team of expert advisors is spread across South Africa and works with leading financial brands like Auto&General, Budget Insurance, DialDirect, 1st for Women, and Virseker.
We’ll take the time to understand you before we advise you, making sure we have a complete picture of your financial position, your goals, and the gap between what you have and what you want to have.
Contact us today to discuss your financial plan and ensure your business is ready for anything.
TIH Advisory is powered by the following licensed Insurers and Financial services providers
Auto and General Insurance Company Ltd;
Budget Insurance Company Ltd:
First for Women Insurance Company Ltd:
Dialdirect Insurance Company Ltd and
1Life Insurance Limited
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