Consider the following situation: A major hurricane comes through your city and devastates part of the city and you will need to move out of your building for a number of months. Hopefully you have a business impact analysis and a business continuity plan that cover the situation where employees can work remotely and business can continue apace during this time. Great. You’re on the right track.
Now consider this: Your lease dictates that you still pay rent on your business space, even when you’re not occupying the space. Even when NO ONE is occupying space in the building. Even when they building is off limits for 6 months. We’ve seen this happen after Hurricane Sandy.
Have you examined and reviewed your lease recently? Do your business impact analysis and your business continuity plan say anything about the cost associated with moving office for 6 months? Does it say anything about paying rent during this period?
We are not suggesting you need to re-negotiate your lease. What we are suggesting is that you need to include your lease and associated costs in your business impact analysis and your business continuity plan. Don’t forget about these things.
Continue to follow us as we discuss other unusual situations that you probably haven’t thought about when it comes to your business impact analysis and your business continuity plan.