1. Business continuity plans can make the difference between small business survival and failure. There are three elements to engage them—information, education, and incentives.
a. Information must be provided to dispel false notions about the cost and time involved in developing a continuity strategy
b. Education must be provided in how to develop a plan across multiple sectors
c. Incentives can provide balance in the eyes of small businesses by helping offset the perceived time and expense of developing and implementing continuity plans
d. Incentives may be in the form of limited tax abatement, such as exempting small retail businesses from sales tax for a month, or small manufacturers from a pro-rata property tax calculation for one month.
2. Encourage businesses of all sizes and types, including professional services and self-employed/home based businesses, to adopt continuity strategies.
Example: After Superstorm Sandy, the New Jersey Department of Insurance convened major insurers and worked with them to determine possible reduction in losses from continuity planning that could be passed on in the form of rate incentives to small businesses. The Resilience Innovation Hub (https://www.resilienceinnovationhub.com/) is currently working with the Insurance Information Institute to develop a national model to incentivize continuity planning.