About the Advisory
April 3, 2020
Every organization faces a crisis at one time or another. It may be due to weather events, violence in the workplace, or a pandemic, such as the one we're facing right now. All require a well-crafted Preparedness Plan. While some businesses are required by regulations to have a plan in place, others do not have the same requirement. But one of the best business practices for every organization is to plan for the unexpected.
If your business has a Crisis Preparedness Plan (CPP) already in place, it’s a great time to review it in light of our new environment. How has it worked in addressing the current COVID-19 business interruption? Where should changes be made to make your plan better/stronger/more effective now and for future issues? And what's missing from your plan that you could not have anticipated? In the flurry of urgency, if you aren’t documenting what you are learning, you may forget some important lessons. And these lessons could be vitally important in the future.
If you don't have a CPP, now is an excellent time to start the process. As already noted, documenting issues that have arisen due to today’s pandemic can be the core of your plan.
Please read this advisory from McGriff to help you create a CPP, or strengthen the plan you already have in place.
Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
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