By Christine Banning, SCORE VP Marketing & Communications
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Disaster strikes—rarely. But, when it does preparation is what can save your business. Learn more.
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Safely store important documents. Keep a portable and fire safe box with insurance documents, legal agreements and a back-up of your monthly financials.
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Consider your insurance needs. Evaluate the level of life insurance, liability insurance and property insurance you need. If you have none and disaster strikes you may not have the cash you need to protect your business.
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Establish a line of credit. You do NOT have to use the line, but it's there for you to provide capital to bridge the disruption of a fire, flood, or theft of equipment. This is cash to be repaid that provides the short-term buffer you made need.
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Document key contacts and processes. In a crisis, it pays to already have a plan in place for what to do next. It can be a massive manual or three pages. Just be sure you and your employees can answer the question—Now, what?
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