Earlier this month, the City’s Department of Economic Development kicked off its 2024 Business Learning Series on the topic of: "Disaster Preparedness for Businesses."
The free event featured a panel discussion by emergency management experts and local leaders who have experienced disaster at a business firsthand. For those unable to make it, explore below for 8 quick yet critical tips we picked up during the conversation or view the full recording for a deeper dive.
1. Maintain up-to-date contact lists (with back-ups).
The need to communicate is immediate when an emergency occurs. Many different audiences must be reached with information specific to their interests and needs. Key contacts may include: employees, management, suppliers, utility & insurance providers, government officials, and customers.
Making the list is a great first step — but don’t forget to maintain it! Roles and contact information changes over time. A contact list is only helpful if it is current.
2. Stay familiar with your company’s bills and contracts.
Automatic payment is easy, but the lack of personal engagement can allow critical changes to slip past your notice — such as a change in policies, terms, contacts, or ownership. It is important to make your business decisions and plans based on accurate assumptions.
3. Use local vendors and suppliers.
Relationships are invaluable during times of need. Having a local contact point frequently leads to more flexibility in the event of an unexpected crisis. Local relationships strengthen your network of resources, and provide the relief of an in-person contact point to work with.
4. Understand what Exactly your insurance covers.
There is a lot more nuance in the world of insurance than many people recognize. For example, insurance can differentiate between flood and water damage (i.e. pipes bursting) — an insurance package doesn’t necessarily cover both. Talk with your insurance provider before an event occurs and make sure that you are comfortable with your risk exposure.
5. Building maintenance is key.
Even better than being prepared for disaster is preventing it from happening in the first place! Keep your building in safe working order by inspecting electrical equipment, maintaining HVAC systems, repairing small leaks & drainage issues, cleaning gutters, testing fire alarm systems, and so on. Maintenance can dramatically decrease your risk of an incident.
6. Stay vigilant in Minimizing Your cyber Risk exposure.
In our increasingly digital world, a rising threat to businesses is online exposure to cyber threats. Criminals use sophisticated tactics to exploit vulnerabilities and access sensitive data and/or finances — including phishing, false invoices, malware, ransomware, and more. Modern companies need to adopt cybersecurity strategies and should explore specialized insurance coverage opportunities for cyber-related incidents.
7. Anticipate what can go wrong, and Determine the appropriate response ahead of time.
As part of your Business Continuity Planning, it is recommended you run a “table top exercise”. Tabletop exercises are discussion-based sessions where team members meet in an informal setting to discuss their roles during an emergency and their responses to a particular emergency situation. It is important to include every team member in these brainstorming & planning exercises. When an incident occurs, everyone needs to know what their responsibility is.
8. Take advantage of Free Business Continuity Planning /Disaster Preparedness REsources.
Don’t worry about starting from scratch as you begin thinking through your planning and preparation. The Federal Emergency Management Agency (FEMA) has a robust library of resources that will walk you step-by-step through the process.
Explore online at: https://www.ready.gov/business.
A huge thank you to our moderator and panelists who shared their stories and insights during the workshop:
- Jason Deater, Mid-Atlantic Center for Emergency Management
- Ted Gregory, LSWG CPAs
- Sam Lock, The Record Exchange, Frederick, MD
- Ross Hodge, 3 Roads Communications
- Connie Phillips, Connie Phillips Insurance
Join us for our next Business Learning Workshop on June 11th: An Economic Overview of the City. The presentation will provide notable trends and data, as well as updates on new economic development initiatives, recent major expansions, and future commercial development opportunities.
Learn more and register here.