Events not only in Japan, but also in the Middle East have demonstrated that all companies, whatever their size, need to consider, ‘what if planning’, says a top business insurance operation.
Titan Business Insurance believes that companies, no matter what their size, have to plan for the worst to happen, because then, if it does, they can cope better than events coming as a complete surprise.
Crisis management was a popular concept many years ago when management teams in large companies were encouraged to think what would happen to their operations should a number of events occur. Management teams would construct whole scenarios of possible problems and how they would cope with such an event.
A popular problem was the main manufacturing plant burning down and what would happen if a company lost its ability to produce, and therefore sell, it’s product range. The better the plan, the easier it would be to survive such a problem.
Chief Executive Officer of Titan Business Insurance, Basil Tsapralis, said:
“Crisis management is still a popular tool for the country’s larger companies which have the personnel and time to put on place contingency plans for events that might affect their businesses.
“But it’s important for smaller companies to take their lead and ensure that they are properly prepared for a traumatic event. It won’t be a question of earthquakes, but the UK is now prone to flooding and that alone could bring a business on its knees. ”
Titan is one of the UK’s most active business insurance brokers and has a wide range of clients across many industrial and commercial sectors.
For further information about Titan’s services, email us or call us on 0207 731 3700.