Lesson: contingency planning

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Lesson Objective


Lesson Plan

A contingency planning is a plan developed for a contingency result other than the normal course of action. In other words, it is a plan that is not only designed for the probable outcome, but also for the expected one as well. Some examples of contingency planning are a doctor's visit, a business trip, a medical emergency and even a trip to a spa. The term is used to describe a set of plans which are prepared for possible events, in order to handle them.

Contingency planning involves planning to tackle any unexpected or extraordinary circumstances. In the medical world this can include the treatment of a patient in the event of an emergency. In the financial industry the practice of contingency planning has been around for decades, as companies have been looking for ways to deal with problems.

As more businesses are facing financial difficulties there is a growing need for contingency planning and it is something that all businesses should undertake. In the case of companies, it can be especially important if they offer a wide range of products, or services, to customers or clients.

The planning process is normally undertaken by business owners themselves, who are involved in their own financial affairs and cannot afford to take the risk. However, as time has gone by, there has been more demand for professional planners. Today, most businesses have a number of different types of professionals on staff and some of them specialise in different areas of the business, including insurance.

When it comes to the selection of a company to provide your contingency plan it is usually best to choose a professional company who will be able to give you a complete overview of what your business could be facing, and what steps are necessary to prepare for each of these scenarios. If you are considering using a consultant, then make sure they are capable of providing such a detailed plan for you to read.

Another option is to hire a professional company, who will in turn be responsible for writing up a specific plan for your business. A good planner will have experience in the insurance sector and will know the intricacies of the plans and the different regulations that apply to them. They will also have contacts that will allow them to contact a wide range of insurance companies, as well as other companies that are able to cover your business, should your contingency planning become necessary.

Although the chances of your business being covered by any insurance companies that cover your business are unlikely to be high, you should still be confident that your company is adequately covered. as any claims made may have a significant impact on your future earnings and your reputation.

As well as having a contingency plan in place, you may want to consider hiring a legal adviser in order to ensure that any claims that are made against you are covered, and that any issues relating to your business are addressed before they become serious and are detrimental to your business's future. Many companies will be able to help you establish a suitable claim management policy and may even be able to provide legal advice. In the event that you are unable to carry out the necessary paperwork correctly, you may be entitled to legal aid.

A number of professional insurance companies are willing to supply you with specialist advice about your company, including the legal aspects, as well as providing a range of specialist legal forms and guidelines for your business. Although you may be able to handle all of this on your own, you should consider having an outside professional to look over this aspect of your company's contingency planning.

If you are using a professional business planner, then they should have a thorough knowledge of the various aspects of the contingency planning process. They should be able to explain the benefits that will come from using their services, and also explain the costs involved. If you are not familiar with the process, then you may find it difficult to understand how your business will be helped by a planner if the need arises.

If you are not confident that you have a sufficient amount of experience, or that your company's financial position is stable enough to cover all of the contingency costs, then it may be worth asking an independent business adviser to give you an assessment before you start working on the plan. You may also be able to pay a fee for a written assessment, which will give you insight into the costs involved and the level of expertise required.

Lesson Resources

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