A back-up copy is a duplicate of information stored on a computer, made to prevent data loss or destruction. Essential for any business, ensuring continuity and data security through proper storage strategies.
Business Interruption Insurance provides indemnification for the loss of profits and continuing fixed expenses when a disaster, such as a fire, prevents business operations.
Coverage providing funds for maintenance of a business as closely to normal as possible in the event of a loss of a key person, owner, or partner.
An insurance policy that combines various risk coverages into one package designed for small to medium-sized businesses.
A buy-and-sell agreement is a strategic approach utilized in sole proprietorships, partnerships, and close corporations to safeguard the continuity of the business upon the death or disability of a proprietor, partner, or shareholder. Such agreements involve selling the business interests to remaining members according to a predetermined formula.
A buy-sell agreement is a legally binding pact among partners or stockholders that outlines the process for one party to buy the interests of another if certain events occur, such as the death of a partner.
Contingency planning is an approach used to anticipate future events that, while unlikely, are possible. It involves creating a plan of action to respond effectively if these events occur. Examples include crisis management and disaster recovery plans.
Crisis management is a systematic approach to mitigating potentially severe outcomes in various critical situations, including disaster response for aircraft, naval incidents, fire emergencies, and flood protection.
A Cross Purchase Plan is a life insurance strategy used among business partners. Each partner buys a life insurance policy on the other partners to ensure business continuity and facilitate buyouts in the event of a partner's death.
Data Processing Insurance offers coverage for data processing equipment, data processing media such as magnetic tapes and disks, and expenses involved in returning to usual business conditions after a loss. Coverage can be obtained on a specified perils basis or on an all risk/all peril basis.
Seemingly inexhaustible financial resources, permitting one to remain in business after a prolonged period of negative cash flow. Also, often in litigation, the party having money to pay the claim.
Extenuating circumstances refer to unusual conditions that prevent a policy or project from being carried out correctly on time, often beyond the control of the individual or organization. These might include natural disasters, strikes, or unforeseen personal emergencies.
Extra Expense Insurance is designed to protect businesses by covering additional expenses incurred due to unforeseen emergencies, ensuring continual operations.
A fallback option is a pre-designed alternative plan or reserved position that management keeps in place to ensure continuity and stability if the primary option or strategy fails.
Key Person Life and Health Insurance is a type of business insurance coverage designed to protect companies from the financial loss that can occur if a key employee becomes disabled or passes away.
Loss of a key person in a business refers to the significant impact on the firm due to the departure of an essential individual from the organization due to death, disability, sickness, resignation, incarceration, or retirement. It can lead to financial instability, loss of market share, and additional expenses in training replacements. Key person insurance helps mitigate these risks.
Partnership life and health insurance provide critical protection to maintain the value of a business in case of the death or disability of a partner. This insurance facilitates the transfer of a deceased or disabled partner's interest to the surviving partners based on a predetermined formula.
Uptime refers to the period during which a machine or system is operational and functioning correctly, allowing workers to be productive and maintain business continuity.
