Survey shows many businesses lack continuity plans despite risks that
come with not being prepared
Company Website:
http://www.travelers.com/
HARTFORD, Conn. -- (Business Wire)
In its most recent Risk
Index survey, The Travelers Companies, Inc. (NYSE: TRV)
found that 43 percent of the business leaders surveyed cited business
interruption as their biggest weather-related concern. However, nearly
40 percent of respondents said they do not have a business continuity
plan in place and about 10 percent were unaware if one exists. The
survey asked more than 1,200 business leaders to identify their overall
perception of risk and what worries them most.
“Considering the high number of natural disasters in 2017, it’s more
important than ever for businesses of all sizes to take the proper steps
to protect employees, property and assets,” said Scott Humphrey, Second
Vice President of Risk Control at Travelers.“Preparing for the
unexpected, including the impact of severe weather, is fundamental to an
effective risk management program.”
Many businesses also may lack the appropriate insurance coverage.
According to Marshall & Swift, a building-cost data provider, 75 percent
of commercial businesses are underinsured by 40 percent or more. This
aligns with the results of the Travelers Risk Index, which found that
seven in 10 business leaders are not very confident they are properly
insured and 63 percent do not conduct periodic reviews of their
insurance coverage with their agent or broker.
Travelers recommends business leaders take the following steps to help
prepare for possible spring storms and other severe weather events:
- Develop or update your business
continuity plan, outlining the strategy for keeping your
business running during an unplanned event like a natural disaster.
- Shore up your supply chain by maintaining regularly updated and
tested contingency plans, including a list of potential backup
suppliers.
- Regularly review your insurance policies and limits to ensure
you are properly covered.
For tips and resources on ways to help protect
your business, visit www.travelers.com.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
home
and business.
A component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of approximately
$29 billion in 2017. For more information, visit www.travelers.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180329005668/en/
Contacts:
Media:
The Travelers Companies, Inc.
Kate Thermansen,
860-954-1789
ktherman@travelers.com
Source: The Travelers Companies, Inc.
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