This document discusses obtaining adequate insurance coverage to protect a business from risks and support continuity in the event of a disaster. It recommends reviewing existing insurance policies to identify any gaps in coverage, such as for business interruption, lost income, floods or earthquakes. The document provides a road map for purchasing additional insurance to fill any gaps and consulting an insurance professional to ensure coverage is sufficient to help the business resume operations after a disaster occurs. Proper documentation of losses is also advised.

1. 1
Boğaziçi University
Department of Tourism Administration
Course:
TRM 474 _Tourism Safety and Security Management
Instructor:
Zeynep Türkmen Sanduvaç,MA.
Office: B 327
Office hours: Tuesday 13.00-14.00 or
by appointment
E-Mail: zturkmen@boun.edu.tr
zeynepturkmen@zeynepturkmen.com

2. 2
INSURANCE
COVERAGE
and
BUSSINESS
CONTINUITY

3. 3
Insurance
Coverage
Obtain
insurance
coverage
to
guard
against
risk
of
loss
that
exceeds
the
board
and
organizaDon’s
risk
tolerance.

4. 4
Reason
Insurance
is
an
effec1ve
method
for
-­‐ both
suppor1ng
of
business
con1nuity
and
-­‐ to
transfer
risk
from
the
ins1tu1on
to
insurance
companies.
-­‐ Risk(s)
that
cannot
be
completely
prevented
-­‐ Insurance
should
cover
physical
losses
such
as
building,
equipment,
soOware,
etc.,
and
also
the
costs
of
business
disrupDon.

5. 5
Insurance
alone
cannot
assure
the
post
event
viability
of
the
business
Insurance
can
help
protect
organizaDon
assets.
Timing
• IC
/
OrganizaDonal
Disaster
Plan
(ODP)
•
Assessment
&Planning
Component
Purchasing
of
the
insurance
coverage
before
the
emergency
is
one
of
the
proacDve
precauDons.
a
pre-­‐defined
plan
to
protect
people
and
property
to
resume
business
operaDons
in
the
larger
community
context

6. 6
Road
Map
for
Insurance
Coverage
Contact
insurance
company,
review
policy
and
address
any
coverage
gaps
•
Review
current
policies
and
amount
of
coverage
for
loss
•
Assess
coverage
for
business
resumpDon
and
relocaDon,
payroll,
lost
income,
emergency
expenses
•
Ask
your
insurance
company
or
agent
about
policy
coverage
and
prices.
•
IdenDfy
coverage
gaps
–
earthquake,
flood,
typhoon,
civil
unrest,
etc.

7. 7
Road
Map
for
Insurance
Coverage
(conDnued)
Purchase
addiDonal
insurance
(business
interrupDon,
loss
of
income,
extra
expense,
flood,
earthquake,
civil
unrest,
terrorist
aYack,
heavy
snow,
etc.).
ATTENTION:
• Evaluate
your
regional
hazards-­‐risks.
If
you
are
under
thread
of
the
special
ones,
consider
adding
the
special
hazard-­‐risk
coverage
to
your
insurance
policy.
For
instance,
the
hotels
in
Antalya
should
evaluate
the
typhoon
as
a
risk
at
all.
•
IdenDfy
records
required
by
the
insurer
in
the
event
of
a
disaster.

8. 8
ATTENTION:
Always
consult
with
an
insurance
professional
to
determine
if
your
insurance
coverage
is
adequate
to
help
you
get
back
in
business
following
a
disaster
(IT
IS
FREE
of
CHARGE
!)
If
your
business
site
suffers
damage,
you
may
need
to
contact
an
industrial
clean-­‐up
service
and/or
a
security
service
to
protect
your
property.
IMPORTANT:
Be
sure
to
consult
with
your
insurance
agent
about
proper
steps
and
documentaDon
requirements.
Road
Map
for
Insurance
Coverage
(conDnued)

9. 9
Thank
you!