Search
 

Are midsized businesses prepared for a disaster?

Most midsize businesses have business continuity plans, but few have actually tested them.

By Caterina Pontoriero | Updated on August 12, 2015

Business interruption can be detrimental to any company, especially midsize businesses. According to The Hartford, most midsize businesses have business continuity plans, but few have actually tested them. An unproven continuity plan poses a risk for businesses, as they might be unable to meet client needs due to an interruption in their operation or lose revenue due to a supplier issue.

According to a recent survey conducted by The Hartford of over 500 midsize business owners and C-level executives in the U.S. with annual revenues of $10 million to $1 billion, 59% had a formal, documented continuity plan; 33% had an informal, verbal plan; and 8% didn’t have a plan at all. Of those with plans, only 19% of businesses had tested their plans.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.