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Factoring in the ‘unforeseen’

It is all too easy to plough ahead in our businesses without giving thought to taking precautions should the unforeseen occur, says Graham Jones

Today there should have been a wedding in our village. However, having been planned for more than a year, it was cancelled on Thursday, just two days before bride and groom should have been getting hitched.

I met the groom last year, and he seemed full of excitement and enthusiasm for his impending nuptials. Now, though, I suspect he is rather concerned. The wedding has been cancelled because his bride is unwell and has been hospitalised. She will recover, but needs rest and laying flat on her back for a few weeks, meaning the wedding is off.

A year ago they could not have foreseen the circumstances that led to the cancellation. I doubt if they took out “cancellation insurance”, yet they will almost certainly face bills from the caterers and so on.

This predicament made me think. The financial issues are the least of the groom’s concerns this week as he’ll be focused on the health of his other-half. But when she is better they’ll obviously have to face the financial consequences.

It is the same for many businesses, particularly in these days of high tech. Are you really adequately covered for those unforeseen technical glitches that could hit your business?

Many firms find that they don’t get the financial hit from a tech problem until many months later. It is a sobering thought that most companies that suffer a significant data loss are out of business just a year later.

So take a moment out and think – are you really protected against technical glitches or will you, like the bride and groom, only realise the financial consequences many months after a problem arises?

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