Aviva has launched a free Business Continuity Plan (BCP) template for businesses in the technology sector.
The document has been drawn up by a team of specialist business interruption (BI) surveyors at Aviva, the UK’s largest insurer, to cater for the specific needs of the technology sector. Outlining the steps that should be taken in the event of a disaster, such as fire or a terrorist attack, the BCP will help technology businesses recover more quickly after an incident.
Martin Payton, senior underwriter at Aviva, explains: “The latest figures show that the technology sector is bucking wider economic trends, growing by 80% in the past five years1. The industry looks set to become increasingly dominant and we have therefore reviewed our products to ensure we cater for the sector’s very specific insurance requirements.
“Technology is a highly competitive industry and if a business suffers a major loss they may be unable to meet the supply requirements of their customers. A BCP can be the difference between a business recovering or failing and is particularly important in the technology sector, where specialised, bespoke machinery and equipment can take a long time to replace and products are particularly sensitive to smoke damage.
“Our team of highly specialised BI surveyors created the template which we believe is the first to be offered free of charge to businesses in the UK. We have deliberately focused on the fundamentals in order to keep the BCP as straightforward to prepare as possible.”
Catering specifically for the sector’s needs, the BCP looks at the steps that must be taken to get a technology business back on its feet following an incident. It breaks the process down into five key areas: customer service levels; risk assessment; incident management planning; business recovery planning; and plan rehearsal and maintenance.
Payton continues: “There is no substitute to a full, in-depth consultation with a qualified surveyor, of course, but this template is designed as a cost-effective starting point to give small-to-medium sized technology businesses an idea of the factors that they should consider to increase their resilience. It is not suitable for more complex corporate risks, which would require more bespoke advice.
“Large businesses may require that a BCP is in place as part of contract negotiations and many of our customers also find that carrying out a BCP makes them more aware of their insurance requirements. For example, a BCP will help businesses be sure that their Business Interruption insurance period of cover is set long enough for profits to return to pre-incident levels.
“Aviva’s risk appetite in the technology sector has increased dramatically in recent months as demonstrated by our new Technology product launch and we will continue to refine our policies to meet the sector’s needs.”
‘Business Continuity Planning for Technology Risks’ can be downloaded, free of charge, from https://help.aviva.co.uk/risksolutions/business-continuity/BCP_002
Commercial insurance can be complex, which is why Aviva doesn’t offer it direct. Visit www.aviva.co.uk/yourbusiness to find your nearest independent broker.
Aviva Risk Management Solutions provides a range of training focused on Business Continuity Planning. More information can be found at www.aviva.co.uk/risksolutions/ or by calling 0845 366 66 66.
Press office contact: Jenny Mason at Staniforth on 0161 919 8035 or Sally Leeman at Aviva’s press office on 01603 684225/07789 270677
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