Coverage BCP - Business Continuity Planning, Crisis Management, Disaster Recovery Planning    


No Insurance?

Have you been unable to purchase insurance after the flood? Are you unable to renew your insurance policy due to the rising costs of insurance, or your insurer is no longer providing insurance for floods?

“Over the past year, property insurance rates in Thailand have doubled or tripled and flood cover greatly reduced or even refused in some cases," Jiraphant Asvantanakul, President of The General Insurance Association of Thailand, said. [Source: http://www.insurancejournal.com/news/international/2012/07/23/256741.htm]

If you are not able to get insurance then a Business Continuity Plan can potentially save your business during a disaster (flood, fire, protests, pandemic, IT failure, etc.). A Business Continuity Plan involves assessing the potential risks to your business and making a plan for your business to continue operating during a disaster and to be able to recover quickly after the disaster. It also involves training your staff to manage your business during the crisis time and enabling them to speed up the recovery process.

Example of a disaster that Thailand is now familiar with is flooding. Following are recommended for such disaster:

  1. Understand your business by understanding all of the assets, people, skills, processes, suppliers and customers that you use to make your business operate today.
  2. Review the flood risk and likelihood of the next flood, and how deep it may be or how long it will last, and determine how this will affect your business.
  3. Determine your plan of action – and if the flood risk for you is anything like the great flood of 2011, then you can break it down into 3 stages:
    1. Actions required to be taken before the flood hits, such as building dykes or protection walls, purchasing flexible walls, locating alternative sites, making arrangements with your suppliers and customers
    2. Actions to be taken when the flood strikes – these will include moving assets, opening alternative sites, planning clean ups and more
    3. Recovery plans – this will include undertaking a site inspection and clean up after the water has receded, shutting down your temporary site, and moving back to the main (now clean) site
  4. Conduct training and simple exercises with your management team so they understand their roles.


The Benefits of Recovering Faster Than Competitors

We have clients who have been able to recover from a disaster quicker than their competitors because they had a Business Continuity Plan. This resulted in our clients saving significant amounts by minimizing their asset losses, recommencing business much faster than would have been the case without the plans, and a number that have reported winning business from their competitors because while their competitors were still recovering, our clients were able to service their competitors customer's which meant that our client ended up winning long term contracts worth far more than the cost of developing the business continuity plan.

Our plan has previously been used by companies that been unable to obtain insurance.

We have a client that was unable to obtain insurance for their products, as their products are live animals which continually grow and sometimes get sick (or die) resulting in wildly varying valuations. This client was affected by the civil unrest in Bangkok in 2010.

The client was located in the Ratchaprasong district of Bangkok, which meant they were unable to operate for around 40 days. The business continuity plan and training enabled our client to put a plan in place to continue to feed the animals and maintain their business. Without this plan our client would have suffered a loss of 150 million baht, as all their animals would have died and most of their equipment would have failed. To re-establish their business would have taken them many months to repair or replace equipment, and restock their animals, meaning a possible period of another 100 days of no sales even after the protestors had gone home.

If you have been unable to obtain insurance for your business or are finding it too costly, our business continuity training seminars can teach you on how to best prepare for disasters. Click for more information

If you can't make the seminar then contact us and we can arrange time to meet you to discuss how a Business Continuity Plan can minimise the impact of a disaster to your business.