Planning for the unexpected
Begin by outlining arrangements you've made or intend to make, to ensure you, your family, your employees, and your business will be able to adapt to potential changes. These may include:
- Personal insurance, like disability and life insurance
- Your prepared Will
- Business insurance, like commercial property, interruption, and general liability insurance
- Credit insurance
- Employee insurance, like worker's compensation insurance. Most businesses are required by law to carry workers' compensation insurance. To learn more, visit your provincial Worker's Compensation Board.
- Succession plans that provide for management or ownership of your business in the event you or other key members of your team unexpectedly decide to leave the business or are unable to work.
At a Glance
You have a much greater chance of succeeding if you have a contingency plan.
Finally, turn your attention outward. Ask yourself about sudden challenges that could confront your business. Think about:
Need more info?
Ask a question or choose from our list of commonly requested topics with Ask Scotia.
Your Roadmap to Success
Our interactive business planning tool will set your business on the road to success.