Prevention's Better Than A Cure
Certainly, he says, it is less costly as the Association of British Insurers is on record as having paid out £790 million in commercial claims for fire alone in 2005, up by a massive 60 percent on the previous year. Also, business interruption claims following fire damage, at £220 million, were the highest since 1997. Insurers now expect one in every hundred businesses to make a fire-related claim every year.
He contends that, even if computer records and systems are safely replicated, the recovery challenges for a business are often overwhelming. Raw material stocks need to be sourced and replaced; production plant needs to be commissioned; finished goods have to be manufactured, stored and distributed. Paul comments: 'Even if, in utopian cases, the insurance payout meets the entire cost of recovery, it will take months, possibly years for a business to recover to its pre-event position. And what will its customers be doing' Right, seeking new suppliers.'
Many businesses still have little confidence in their ability to recover from a fire, flood or other natural or man-made disaster, according to research carried out by SembCorp Protection at the recent Business Continuity conference and exhibition in London. The overriding message from conference delegates and exhibition visitors was that, while they appreciated the need for business continuity planning, many felt a high degree of discomfort regarding their current state of preparedness. The research identified that the focus for many companies is centred on what to do when something does happen, with little attention being paid to prevention.
SembCorp Protection is today one of Europe's leading emergency response providers, responsible for safeguarding £14 billion worth of high-hazard industrial assets. Its core skills and offerings embrace the provision of outsourced emergency response services, risk assessments, reviewing clients' emergency protocols or facilities, as well as devising and planning emergency training tailored to specific needs or circumstances. The company also deploys the latest fire protection and engineering equipment to protect lives and assets as well as ensuring business continuity.
More information is available from SembCorp Protection by telephone on +44 (0) 1642 212904, by fax on +44 (0) 1642 212726, or by email on protection@sembutiilities.co.uk. Its new website can be found at www.sembprotection.co.uk.
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