Aviva has launched a free business continuity plan template for businesses in the technology sector.

The document has been drawn up by a team of specialist business interruption (BI) surveyors at 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 plan is designed to 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 years. 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 plan as straightforward to prepare as possible.”

Catering specifically for the sector’s needs, the plan 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.

While there is no substitute for full, in-depth business continuity consultation, 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.

“Large businesses may require that a business continuity plan is in place as part of contract negotiations and many of our customers also find that carrying out a plan makes them more aware of their insurance requirements. For example, a plan will help businesses be sure that their BI insurance period of cover is set long enough for profits to return to pre-incident levels," Payton explains.

Business Continuity Planning for Technology Risks can be downloaded, free of charge, from

https://help.aviva.co.uk/risksolutions/business-continuity/BCP_002

Share Story: