There’s no such thing as a risk-free life. No matter who you are, you’re subject to risks on a daily basis and if you’re running a business, it’s no different. You might be among the many female entrepreneurs out there who got through a challenging business environment to establish your own. When you’ve put in the work to build your business from the ground up, you wouldn’t want it to fail for any reason. However, the impact of risks can be minimized to some extent by cultivating awareness of our environment and being mindful of our actions.
As we face countless risks, best to bear in mind these preparatory initiatives to help you handle the financial strain that comes with an accident so your business can stay afloat.
1. Come up with an emergency response plan. Outline the steps to be taken immediately after an accident. This includes ensuring the safety of employees, securing the premises, and contacting relevant authorities.
For instance, among the most common are road accidents. You can arm yourself from the financial distress of car repairs and medical expenses that may arise from these road accidents with car insurance that goes beyond the basics. AXA Philippines’ comprehensive car insurance, for example, provides customizable medical coverage for bodily injuries and coverage for vehicle and property damages (with an option to add coverage for damages caused by acts of nature). It also comes with 24/7 roadside assistance for emergency cases.
2. Back up your systems and data regularly. Ensure that you have backup files of your business-critical data and systems and that these are updated on a frequent basis.
3. Establish remote work capabilities. Set up work arrangements and provide employees with the necessary tools to continue their tasks from off-site locations. This allows your business to operate even if the physical workplace is inaccessible.
4. Get insurance coverage. Invest in appropriate insurance coverage, such as property insurance and business interruption insurance. This can help cover financial losses incurred due to accidents that disrupt regular operations.
5. Identify communication channels. Maintain updated contact lists for employees, clients, suppliers, and stakeholders.
6. Be consistent with customer communication. Keep customers informed about the situation, the steps you're taking to address it, and any potential disruptions on services or products.
7. Build financial resilience. Sustain your financial capability with a fund that can be accessed in times of crisis. This can help cover unexpected expenses and sustain your business during recovery.
Anything can happen whether you’re at home, on the road, abroad or even at your own workplace. It pays to always have the presence of mind and foresight to prepare for possible threats to keep your business afloat. Being ready for the physical and financial consequences brought by accidents can help maintain and preserve the funds you’ve set aside for your business. By having insurance, you don’t have to take from these funds and your business can run smoothly and uninterrupted.
Consider AXA as your partner for your protection needs. Among AXA’s offers is its Smart Traveller travel insurance that financially protects you from a wide range of accidents and trip inconveniences such as losing a piece of luggage, flight delay or flight cancellation. It boasts comprehensive emergency medical benefits and round-the-clock travel assistance in case you need immediate support following an incident.
AXA also offers an insurance product that’s specifically designed to cover personal accidents. Personal Accident (PA) Insurance covers death or specific types of injury as a result of an accident. It can be availed as Individual PA, Family PA, Auto Passenger PA, Student PA, and Travel PA.
Some accidents could’ve been prevented, while some are bound to happen despite our best efforts to avert them. In any case, it’s good to be able to breathe easy knowing your business is taken care of even from the unpredictable.
Know you can game plan for yourself and your family from the financial impact of accidents. Contact an AXA financial advisor today to know more.