Blog: Ensuring insurance broker business resilience in times of crisis

All businesses are finding themselves a little more vulnerable to external influences than usual during the cost-of-living crisis.

Costs are increasing, and consumer spending is down, which is hitting income. And organisations are delaying investment. However, in the face of unforeseen disasters or incidents, the demand for your services will be as important as ever.

As a broker, having a well-prepared business continuity plan becomes paramount, ensuring you can quickly recover and continue your work when adversity strikes.

As a broker, having a well-prepared business continuity plan becomes paramount, ensuring you can quickly recover and continue your work when adversity strikes.

There are many things one might do to maximise their business’ resilience, and it almost goes without saying that prevention is always better than cure. Yet we’ll mention it because it’s so important to remember, and it shouldn’t simply be implied.

The perfect place to start

Conducting a comprehensive risk assessment, listing all of the possible risks you may be exposed to is the perfect place to start, and we know that enlisting staff in the process is key to having the best, most rounded view, as they possess valuable insights into the organisation's vulnerabilities and essential priorities during a crisis.

Enlisting staff is key to having the best, most rounded view, as they possess valuable insights into the organisation's vulnerabilities and essential priorities during a crisis.

Identifying potential risks and their impact will lay the groundwork for a robust business continuity plan.

Staff will also be the first ones to respond if disaster strikes. A committee that represents all the main areas of your organisation, who have clearly defined roles when it comes to responding to different events, means you can spring to action without hesitation.

The first 24 hours

The first 24 hours of a crisis are critical to get right if you want to bounce back efficiently, so an emergency response plan is paramount. However, the wider plan should include a longer-term comprehensive strategy to guide your organisation back to its normal operations.

Each item on the plan must include timelines, assigned personnel, the available budget (if applicable) and access procedures. Make this document accessible and straightforward to follow to minimise confusion during emergencies.

Successful comeback

Now of course, having a plan written down is all well and good, and many businesses may stop there, but we’ve found the most successful comeback stories are preluded with regular tests to ensure their effectiveness and relevance.

Your plan is a living document, meant to evolve alongside your business’ growth and changing circumstances.

Periodic reviews will help identify potential gaps or changes in your organisation's needs.

We suggest conducting a full review at least once a year, but the key is to remember that your business continuity plan is a living document, meant to evolve alongside your business’ growth and changing circumstances.

You may find it helpful to refer to a business continuity risk guide. Creating a comprehensive business continuity plan can be challenging, but it's a vital investment in your business’ future.

The bottom line

Taking a proactive approach to disaster preparedness will significantly reduce stress and ensure that, as an organisation, you can continue making a positive impact, even in the face of the unexpected.

Embrace these steps, and you'll be better equipped to navigate any storm that comes your way.

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