Is Your Business Prepared for an Unexpected Absence?

Fires are a hazard that we can all take steps to minimize and prepare for. We check smoke detectors and change the batteries when needed. We teach our children how to get out of the house and where to meet outside if there is ever a fire in our home. From elementary schools to large corporations, organizations hold fire drills periodically to make sure everyone knows what to do in the event of an emergency. This concept can, and should, be applied to your business continuity plan. Have you held a company “fire drill” lately to prepare for an unexpected absence?  

In the unlikely event that you don’t make it to work tomorrow, do your co-owners and key employees know what to do to keep things running smoothly in your absence? If you are the type of business owner who is very hands-on and who does it all, consider the following questions:

• Have you shared how things are done and where essential information can be found?  
• Who will meet with potential clients or schedule jobs?  
• Who, if anyone, has access to bank accounts to pay monthly expenses and make sure payroll is taken care of so your employees are paid on time?  
• Do your right-hand people know the names and contact information of the professional advisors of your business, including your CPA, attorney, or Federated marketing representative?  

You and your key employees should know the answers to these questions before an unexpected event occurs that may keep you out of the office for a few days, weeks, or even longer. Make sure your employees know what to do by holding periodic fire drills to gauge their readiness to step in. Don’t let a sudden and unplanned management fire threaten the ongoing success of your business.

Is Your Business Prepared for an Unexpected Absence? JPG
Is Your Business Prepared for an Unexpected Absence? PDF

This article is for general information and risk prevention only and should not be considered another other offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.