Would you and your vendor management services firm be able to withstand an act of nature or another disaster such as a fire? Property insurance offers you coverage to not only replace your computers and rebuild your physical space, but it can also help cover lost revenue if you have to shut down for a time, which can make a difference in whether you are able to reopen.
The first step in obtaining this coverage is to get help evaluating each of your cost areas such as equipment and supplies, furnishings and more. You also need to think about how long it may take your business to recover from a disaster and how you’re going to pay your bills, including your staff payroll. You can get help meeting your obligations through an indemnity period, the time immediately following an event during which you are non-operational or not fully operational.
What’s it Really Worth?
Evaluating your losses should you have to close temporarily is hard, but it’s definitely worth your time up front to figure this out. The goal to keep in mind is making sure you’re properly assessing the value of your property and your operations, so you can get on with your vendor services management business as soon as possible following an emergency event.