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Getting back to business after a temporary closure

A guide for entrepreneurs who want to learn the best risk management practices and reopen their business.

Illustration of shop with Open sign on the door

Whether you’re getting back to business after the pandemic or recovering from a loss like theft, fire or flood, there are some best practices to consider before you reopen.

In this guide, we’ll 

  • introduce some general advice for creating or maintaining a risk management plan
  • explore the four major kinds of risk facing your business 
  • share checklists that will help you prevent these risks and prepare for a smooth reopening

Using a risk management plan

Successfully managing risk starts with a solid risk management plan. Your plan should identify any potential risks facing your business and outline procedures to avoid them. 

Here are three key guidelines to follow when creating or updating your plan:

  1. Write it down. Document your risk management procedures and monitor your performance. It’s vital to record the successes and failures of the plan so you can learn from the past and make improvements in the future. 
  2. Communicate the information to your employees, partners and customers. Highlight specific changes that must be made when you reopen, and reinforce the information by posting signs around the workplace or sending out reminder emails. A risk management plan has no value if your stakeholders don’t understand and use it. Don’t forget to check in with your insurance broker before you reopen so they can update your policy if needed.
  3. Update it frequently. No risk management plan is a final document. Your business will grow and change, and your plan to manage risk should evolve with you. Scheduling regular reviews will help you identify issues quickly and protect your company from emerging risks.

There are four specific types of risk that a strong risk management plan will consider. Click on the links to learn about each risk and how you can reduce them at work.

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