Surviving a Disaster – Lessons from SandyPhilip C. Jackson, President, Corporate Banking, Univest Bank and Trust Co.
We at Univest hope that as we send you this publication you are well under way with the recovery from the largest hurricane to reach the northeastern part of our country. We also hope that the impact on you was minimal, but more important, know that we are here to help you and our community in this time of need.
We know that a disaster can cripple a business and that being prepared can help ensure that your business can recover. This disaster is behind us, but we can plan for the future by following these tips:
- Assess your risks. Studies have shown that one-fourth of businesses that suffer a disaster never reopen. Being prepared is essential to the recovery. Base your disaster preparation plan on the most likely scenarios, e.g., fire, wind, computer system failure.
- Establish safeguards. Install fireproof materials, sprinkler systems and fire alarms. Install reinforced doors and windows and consider metal roofing.
- Have a back-up. Build a duplicate computer system for critical files and keep records in a separate location. Enroll in online business banking, which can help ensure continuity and access to your financial records.
- Develop an emergency plan. Have written procedures and communicate them to all employees. Ensure that you have current contact information for all employees. Have drills and test your emergency plan periodically.
- Have adequate insurance. This includes general business insurance, but also includes specific risks such as earthquake, flood and business interruption insurance
Finally, maintain an active relationship with your bank. You want to ensure that your bank will be there when you need it. A good relationship with your bank includes providing current financial information, business plans and strategies, and maintaining an open dialogue. Building a relationship helps ensure that your bank will support you when a disaster hits.
Univest is proud to be your community bank. Our commitment to relationships is a key component of our continued support of our clients and community. If you are in need of assistance or would like to make sure you have a sound plan for future adversity, contact us today at 877-723-5571.
Univest Bank and Trust Co. is Member FDIC, Equal Opportunity and SBA Preferred Lender.