
38 Freelance Statistics to Know in 2021
Is becoming a freelancer the right career move for you? Below are the top freelance statistics and trends to know in 2021 to help you decide.
As a small business owner, you’re a leader. You have a clear vision of where you’re going, as well as the potential obstacles you could encounter along the way. While some potential hurdles can easily be overcome—changing government regulations, new competitors, taxes—others are more serious.
With the advent of COVID-19, small business owners have realized the importance of having a plan for everything from natural disasters to cyber crime to government mandated closures. To prepare for a disaster, you need two plans: a business continuity plan, and a disaster recovery plan. But what’s the difference?
Read on to find out everything you need to know about crisis management and protecting your business in the case of a disaster.
When major disaster strikes, it’s important to have a plan for dealing with the immediate aftermath, as well as your business’s eventual return to normal. You should consider all of the following:
To best organize your response, it’s important to create two distinct plans: your business continuity plan and your disaster recovery plan. A business continuity plan focuses on maintaining services and meeting financial obligations in the aftermath of an unforeseen, disruptive event. A disaster recovery plan is your plan for returning to business-as-usual.
Next, we’ll take a closer look at each type of plan.
As a small business owner, a business continuity plan is actually more than one plan—it’s a variety of plans for how you can maintain continuity in the face of any disaster scenario. It’s important to brainstorm your business’s potential risks, run a business impact analysis, and make a plan for each.
From there, a business continuity plan contains the following:
All in all, your business continuity plan is the first place you turn in order to begin dealing with a disaster’s aftermath. Anything that can help you to boost revenue, maintain cash flow, and meet unexpected expenses should be part of this continuity planning.
While your business continuity plan focuses on the immediate response to a disaster, your recovery plan is all about the long game—reopening your business. After days, weeks, or even months of interrupted service, you’ll eventually be ready to reopen your doors (even if it’s in a new location).
The recovery strategy includes:
According to FEMA, 90% of small businesses close their doors within one year of a disaster. Having a clear timeline for reopening (as well as a concrete plan for getting back to business) is one of the best ways to ensure you can open your doors again.
The other essential element?
Insurance.
As you can see, both business continuity and disaster recovery plans require a way to cover expenses and fund relocation during and after a disaster. Unless your business has ample cash-on-hand to cover months of interrupted service, insurance is a crucial part of your disaster planning.
Consider the following kinds of policies:
Commercial property insurance can cover damage and loss of your building and just about everything inside of it. It can also help to cover the cost of business interruption due to direct physical damage.
Data breach insurance can help cover your liability in the event of data breach or data loss.
Business interruption experience does not cover property, but it can help with the following expenses during a period of interruption:
Beyond these kinds of insurance, it’s important to make sure your business is protected from another kind of potential disaster—costly insurance claims.
Natural disasters and data breaches can pose a significant obstacle to your small business’ continued health—but so can more common occurrences. In addition to planning for unexpected disasters, it’s important to take into consideration crisis management and guard against the everyday risks you take on as a small business owner.
Natural disasters and data breaches can pose a significant obstacle to your small business’ continued health—but so can more common occurrences. In addition to planning for unexpected disasters, it’s important to take into consideration crisis management and guard against the everyday risks you take on as a small business owner.
Most businesses need the following kinds of policies:
With Thimble, you can guard yourself against these risks in less than 60 seconds. All you have to do is download the Thimble app or click “Get a Quote.” When you enter your ZIP code, staff size, and a few details about your business, we’ll generate an instant quote. Purchase with a click and cross one more thing off your disaster preparedness to-do list.
Wherever your business is located, you know there’s always the potential something will go wrong—from wildfire to vandalism to an accident that injures a client. To protect your small business, take the following steps:
As a small business owner, it’s important to focus on what matters—growing your business. Leave insurance to the professionals so that you can rest easy knowing you’re prepared for anything life tries to throw at you.
Our editorial content is intended for informational purposes only and is not written by a licensed insurance agent. Terms and conditions for rate and coverage may vary by class of business and state.
Is becoming a freelancer the right career move for you? Below are the top freelance statistics and trends to know in 2021 to help you decide.
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