Business Protection 101: How to Cover Your Assets as a Business Owner

Business Protection 101: How to Cover Your Assets as a Business Owner

Your business is not just your livelihood. It’s your legacy.

Protecting it on all fronts means keeping aware of trends and knowing what resources are available to you.

You put a lot into running a business. Don’t risk it! Follow these business protection tips and suggestions, so your assets stay safe and sound.

Security camera system

Protect Your Property

Despite the internet’s dominance, protecting your physical assets is still vital.

Whether you have a storefront, or an office full of expensive equipment, you’ll want to ensure the security of your material property.

According to FBI statistics, over 350,000 burglaries targeted business storefronts or offices in 2018.

Here are some fundamental ways you can invest in protecting your business property.

Alarm Systems

An alarm system is one of the most tried and true methods for protecting property.

With systems becoming smarter and smarter every day, options are making it easier (and more affordable) to access a quality alarm system.

Not only will alarm systems scare off would-be intruders, but most still connect to law enforcement and can be easily managed from remote locations.

Surveillance Systems

Camera systems that monitor your property can provide vital evidence if authorities ever catch someone suspected of robbing you.

Surveillance systems have evolved to be completely discreet. Plus, you can often monitor your property from your phone when you’re not around.

Magnetic Doors

Magnetic door locking systems may not be what you usually think when it comes to property security.

However, magnetic doors can provide many security benefits. Not only are they impermeable steel structures, but you can also record how often someone opens them.

Add a punch-code keypad to the mix, and you’ve just employed some of the most world-class security available.

Data protection

Protect Your Data

There’s no denying it. Cyberattacks are on the rise.

A large portion, some 43% of cyberattacks target small businesses.

Cybercriminals know that many small businesses are in a vulnerable spot.

Smaller enterprises possess valuable information while often lagging on cybersecurity.

Here are some of the most important measures you can take to protect your business’ valuable data.

Anti-Virus Software

Malware is so ubiquitous, its likely that you’re reading this on a computer infected with it.

From the benign commercial software that weaseled its way onto your laptop to software that infects entire networks, malware is everywhere.

Having good anti-virus software installed on all of your computers is crucial for your firm’s cybersecurity.

Also important? Keeping it, as well as all plugins you’re using, up to date!

Don’t Click on Suspicious Emails

This goes for you as the business owner, as well as your employees.

Phishing scams coax you into clicking on links that look legitimate but are malicious software in disguise.

An unsuspecting click on that is all it takes to infect your network and bring your business to its knees.

So watch out for unsolicited emails and funky or odd variations of a famous domain name. And, above all, train everyone in your office to do the same!

Use Password Best Practices

Password hacking is a popular cyberattack method.

Protect against malware discovering your password by following some best practices.

To start with, use a strong password at least eight characters in length. Utilize two-factor authentication and change your password often.

And have your employees and partners do the same.

Invest in a Firewall

A business-class firewall might be your next line of defense. It may even be your first.

A quality firewall that keeps out unauthorized software is a wise investment that may protect your business from catastrophic failure.

Intellectual property law

Protect Your Ideas

Intellectual property is a hot commodity, especially if you are a company that deals in innovation.

Employees or collaborators may not have your best interest in mind. Allowing them to know the ins and outs of your business can leave you vulnerable to intellectual theft.

A signed confidentiality agreement is a simple, initial measure you can take with any new person coming on board.

Though it doesn’t guarantee an unscrupulous new hire won’t feed your ideas to a competitor, it does allow you to take legal action later.

As your company grows, its security and organizational needs will grow as well.

You may consider working with professionals in operational risk management to help take your business to the next level and thrive.

Business lawsuit protection

Protect Against Lawsuits

All of the above practices are not just good for the overall security of your company.

They are also ways you can protect yourself from being sued.

A lawsuit can cripple your business, even if you are found not guilty in the end.

The expense and time-suck of litigation can rob you of vital energy and resources, so take a few extra steps to prevent this type of threat.

Hire a Lawyer

Hopefully, you already have a competent attorney.

If not, go out and get one, tout suite!

Prevention is key to avoiding a lawsuit, and an attorney can help you avoid anything that could put you at risk.

Avoid Conflicts of Interest

Ideally, your business attorney will help you with this.

Still, avoid any relationships that could stir up cries that you are practicing unethically.

Get Liability Insurance

Hopefully, you won’t ever need it.

Liability insurance can help you cover costs associated with a worst-case scenario of you getting sued.

Business insurance protection

Protect Your Legacy

If you or one of your founding partners falls critically ill, you may need protection for the legacy you have created.

Company protection insurance can cover your business if you pass away. From sole proprietorships to LLCs, there are plans for every size company.

Pay Now or Pay Later for Business Protection

The investments you make in business protection today can pay off immensely when a threat looms large.

Whether its a cybersecurity attack or a surprise lawsuit, make sure to protect all aspects of your business.

Read more valuable articles on our website.

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