A plan a business has for continuing to operate in the event of a disaster such as a fire, severe weather, terrorist attack, or any other dire situation. A contingency plan includes an emergency plan with offsite offices and a management structure if senior management canÂ’t be located. Back-up procedures should be in place for telephone and computer systems. Important company data should be kept in a separate place that is accessible no matter what happens. A contingency plan also may be referred to as a continuity plan, although that term also has the additional connotation of planning for corporate succession in the event that one or more senior executives is no longer able to fulfill his or her duties.