Did you remember to increase your insurance cover to allow for the refit you’ve recently had?
Business continuity planning can help to manage risks to, and costs incurred by, your business following an emergency. It can also reduce the likelihood of infringing any rules and regulations.
There are three keys aspects to reacting to an emergency such as a flood or fire:
To minimise the risk of a business being adversely affected by a disaster, several things need to be put in place, including insurance cover, consideration to the premises design and layout, and contingency plans for if the premises cannot be used to provide a pharmaceutical service.
Ensuring the business has adequate insurance, including business interruption cover, will enable prompt action to re-open the pharmacy at the earliest opportunity. Business interruption insurance will provide financial assistance to cover losses incurred as a result of closure of the business.
Remember that recovering from a flood, for instance, could take more than 12 months, so make sure your cover allows for this. Numark insurance automatically provides cover up to 24 months.
Each pharmacy should have an SOP that details procedures for the pharmacy to follow in the event of a flood or other emergency situation.
Pharmacy design can play a part in minimising damage:
Above all, check that you are adequately insured to cover your stock, contents and tenants’ improvements. Did you remember to increase your insurance cover to allow for the refit you’ve recently had, or cover the new flooring you’ve put down? Underinsurance can be a major problem in large losses, so take a bit of time to regularly review your cover and speak to your insurance specialist for help and advice.
Prompt and effective action can limit the extent of damage to the business. Effective planning will ensure the pharmacy team is fully prepared to respond:
The following are appropriate actions to minimise the impact of an event:
Once the initial impact of the event has been dealt with, the pharmacy team needs to prioritise actions to enable the pharmacy to re-open as soon as possible. During the recovery or rebuilding process details of all actions and expenses incurred should be retained for the insurance claim process.
Having the service of your own loss adjuster can be invaluable. A loss adjuster can work with you to ensure you receive the correct settlement and can speed the claim process up. They will liaise with the loss adjusters from the insurance company and simplify things for you so you can concentrate on servicing your patients and local community. Numark insurance policies automatically come with a loss adjusting service in the event of a major claim.
It is important that the area team, local surgeries, wholesalers, customers and staff are kept up-to-date with progress regarding re-opening. Floods and other disasters can happen in any location, and in order to cope it is essential that pharmacies are prepared and have adequate plans for all eventualities. Comprehensive planning will reduce the impact and ongoing costs, and enable the pharmacy to be fully operational as soon as possible.