5 Essential Steps to Ensure Insurance Broker Business Resilience in Times of Crisis

31 August 2023

During this cost-of-living crisis, all businesses are finding themselves a little more vulnerable to external influences than usual.

5 Essential Steps to Ensure Insurance Broker Business Resilience in Times of Crisis

Costs are increasing, consumer spending is down 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 an insurance broker, having a well-prepared business continuity plan becomes paramount, ensuring that you can quickly recover and continue your work when adversity strikes.

1) Conduct a Thorough Risk Assessment

Prevention is always better than cure, and this principle applies to disaster preparedness as well. Start by conducting a comprehensive risk assessment, listing all of the possible risks you may be exposed to. Enlist your staff in this process, as they possess valuable insights into the organisation's vulnerabilities and essential priorities during a crisis. Identifying potential risks and their possible impact will lay the groundwork for a robust business continuity plan.

2) Formulate a Dedicated Committee

With the risks identified, it's time to plan how your business will respond if disaster strikes and assign responsibilities. Create a committee that represents all main areas of your organisation and clearly define their roles in responding to different events. Appoint a senior individual with decision-making authority as the overall lead for the plan. This will ensure a coordinated and efficient response during challenging times.

3) Prioritise Actions and Emergency Response

Having identified potential risks and established roles, it's time to create a prioritised list of actions for the first 24 hours of a crisis - your emergency response plan. This list should also include a comprehensive recovery plan to guide your organisation back to normal operations. Each item on the list must include timelines, assigned personnel, available budget (if applicable), and access procedures. Make this document accessible and straightforward to follow to minimise confusion during emergencies.

4) Test, Review, and Adapt Regularly

A plan is only as good as its execution. Regularly test your business continuity plan to ensure its effectiveness and relevance. 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 remember that your business continuity plan is a living document, meant to evolve alongside your business’ growth and changing circumstances.

5) Seek Expert Guidance and Resources

Creating a comprehensive business continuity plan can be challenging, but it's a vital investment in your business’ future. For more detailed guidance, refer to our business continuity risk guide.

The bottom line

Taking a proactive approach to disaster preparedness will significantly reduce stress and ensure that your business 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.