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5 Must-Haves for Protecting Your Small Business

by Josh Biggs in Business on 25th March 2020

One of the keys to successfully running a small business is having protections put into place. From the very beginning, you should have the following methods ready to protect your business. Here are five of those methods.

1. Invest in Cybersecurity

One of the biggest problems facing small businesses these days is cyberwarfare. Hackers from across the world are constantly searching for soft spots in cybersecurity. One problematic area is all they need to get in and steal valuable information.

You likely have heard of the data hacks of various executive companies. They had to pay millions in damages to their clients. Can your business survive that? Likely not.

That’s why investing in cybersecurity is so important. There are plenty of security forces that offer protection specifically for small businesses. Choose one that best fits your business’s needs.

2. Business Insurance

It’s also important that you protect against unforeseen events that disrupt your ability to do business as usual. Fire damage, tornado damage, even a flood should all be things that you’re thinking about. But those aren’t the only threats you should worry about.

What if your products or the products you depend on get damaged? Will you have enough money to cover the cost of replacement? Let’s say you have to temporarily shut down due to COVID-19. Will you be able to reopen once the pandemic ends?

These are just some of the reasons why having small business insurance is so important. It’s an essential component for making sure your business can stay afloat in the aftermath of a catastrophe.

3. Physical Security

It’s also important that you beef up security in your business. Hackers aren’t the only ones trying to steal valuable property. You’ll still have to contend with regular criminals attempting to break into the business. Even those that just offer services may fall prey to thievery. You have expensive equipment and tools that a criminal could sell elsewhere.

Investing in security cameras, motion sensors, and a security guard or two is a great idea to keep your business safe from potential criminal activity.

4. Hire an Attorney

Another area that you’ll need to be protected is the legal aspect. If someone tries to sue your business, then you’re going to need legal representation. Some people are always trying to find ways to sue businesses for money. A lot of those attempts can be waved away at court but only if you have professional and experienced legal representation.

This is where the talents and expertise of a business attorney enter the picture. A business lawyer will assist in making contracts for employees, write codes of conduct, and help to prepare other legal paperwork. They can also be used to protect your business from attempted lawsuits.

5. Start Saving

Just like in your private life, it’s always a good idea to have a savings account for your business. While a lot of this money will likely be spent on marketing, bonuses, and taxes, you’ll still want to make sure that you put enough away for emergencies. For example, there may be some problems that your insurance can’t cover. That savings account can back you up.

Perhaps there’s a period of time where customers aren’t risking going outside, like during the current coronavirus pandemic. In this case, you have money saved up that can help pay rent and other bills to keep your business open just a bit longer.

As mentioned previously, insurance will help during these situations but it might not cover everything. Having savings can protect your business from coming up empty during a tough spot.

Start Protecting Today

Most small businesses will close up shop at the first problem that arises. Utilizing these five methods can help protect your business and keep it going strong. Implement them today, so you can have peace of mind during any catastrophe.

Categories: Business