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Business New Year's Resolutions
Happy new year! New years resolutions are not only for personal goals, but can be used for corporate purposes as well. The following are some recommendations on keeping your business happy and healthy heading into the new year.
Resolution No. 1 Create a corporate disaster plan. Does your business have a corporate disaster plan, and if so, do your employees know about it? How will you keep the business running in case of a disaster to your office? A corporate disaster plan will enable you to effectively coordinate your businesses efforts to serve your clients.
Resolution No. 2 Establish an off-site back-up system. In case of the destruction of your main office, do you have off-site backup of your computer system or files? Have you contracted with an answering service so that your clients can contact you even during a disaster? Have you placed all of your corporate eggs in the same basket? Having an off-site back-up location is essential, especially when you have a legal obligation to maintain files.
Resolution No. 3 Include a disaster protection clause in contracts. Do your contracts contain a provision that adequately protects you in the event a disaster occurs? Do your contracts relieve you of any liability in the event that an act of God, such as a fire, snowstorm, flood, hurricane or tornado, or a terrorist attack leaves you unable to perform under the contract? The lack of such a clause can be just as devastating to the viability of your business itself as it was to your physical office.
Resolution No. 4 Obtain a disaster insurance policy. Does your business have insurance coverage for damage caused by natural disasters or terrorist attacks? If so, is your policy truly enough to cover your actual losses? Does the scope of your policy cover all aspects of your business, from property damage to equipment or vehicles, to the cost of recovering data, to liability from breached contracts? Do you have business interruption insurance to recover lost profits? Make sure your insurance coverage adequately protects you from such losses.
Resolution No. 5 Diversify your business partners and client base. Can you adequately serve your clients if a supplier or vendor suffers a disaster? Do you have a relationship with others business partners for back-up? Are your clients located in one geographic area so that a disaster in that locale shuts down your business? Like good advice from your stock broker about diversifying your portfolio, expanding your business relationships and client base minimizes the risk of loss in case of a disaster.
Following these tips will help your business prepare for a disaster and minimize its impact. If you need assistance in establishing a corporate disaster plan, drafting contract provisions, or with any other business matter, contact an attorney.
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