Businesses need to ask how quickly stolen equipment can be replaced: Northbridge

Theft of equipment is one risk business owners should think about when planning for business continuity, Northbridge Insurance advised recently.

“Crime can take many forms and affect businesses in different ways,” Toronto-based Northbridge noted in a blog post, titled Business continuity planning for 2017. “If the equipment you rely on is stolen, how would you continue operations? How quickly could it be replaced? Are replacement costs covered in your insurance policy?”

Business owners should also ask whether staff are trained on how to deal with and protect themselves from unauthorized personnel, Northbridge stated Monday in the blog post.

“If a computer is stolen, are you able to remotely shut down/erase sensitive information?” Northbridge noted.

When planning for business continuity, risk managers should also consider the hazard of a data breach or hack.

Fred Muldowney-Brooks, director of risk services and solutions for Northbridge Financial Corp., recommends risk managers ask certain questions, the blog post stated.

They should ask whether they have a list “of specific models and brands of the equipment and technology” that their business needs. They should also ask whether important information on a company server – such as billing, accounting and contracts – has been backed up to an external service or external hard drive.

Natural disasters that can affect business continuity include fire, flood, earthquake, tornado, hurricane and avalanche, Northbridge noted.

“Make sure you have a plan in place for the ones that could cause a loss to your business,” Northbridge advised in the blog. “If you do have insurance coverage for your small business, check if the relevant items on this list are covered through your current policy.”

Loss of electrical power could result in loss of heating or central air conditioning and also problems with an electrical panel or meter, Northbridge noted. It could also result in a breakdown of equipment such as cash registers, elevators, diagnostic systems, boilers, compressors, freezers or ovens, Northbridge suggested.