Insurance Brokers Association of Hamilton

Business Interruption Prevention

Posted Mar 9th, 2016 in Business Insurance Tips, resources

  • Employ the services of a professional accountant to:
    • Prepare financial statements.
    • Perform an annual audit of your books.
  • Maintain a list of secondary suppliers of materials in the event your primary supplier suffers a loss.
  • Be prepared with a plan of action as to how you will continue to service your customers while your premises are being repaired after a loss. This will help you to avoid losing your
  • customer base. Consider availability of temporary premises where you can resume operations immediately.
  • Reduce the physical and moral hazards of your business.
  • Duplicate your business records and store them off-site; in the event that your premises are damaged, you will have documents to substantiate any business interruption loss
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