Whether you are just starting your new business, or have been around, protecting your business that you worked so hard to build is a critical step. Unfortunately, this is one thing that many entrepreneurs neglect in doing so, while rushing into launching their dream business.
Here are 5 Ways to Protect Your New Business.
Review Bank Accounts for Suspicious Activity
Unfortunately, when a business starts becoming successful, it can bring out the fraudsters and criminals. Hackers will often target email accounts to get their victims’ bank credentials.
Many business owners rely on outdated security tools and strategies that are often ineffective against cyberattacks. Staying on top of current events and being aware of threats in an ever-changing security landscape are the first steps to preventing bank fraud. Beware of any emails, text messages, phone calls or social media posts with attachments or links.
Have Cybersecurity in Place
Whether your running your business from one computer or several computers, all your technology needs to be protected against cyberattacks. Find a company like Pathlock.com who continuously monitors and synthesizes transactions across all enterprise applications where sensitive activities and data are concentrated. By setting up a protective system, you not only will secure your sensitive data and financial information, but the law is increasingly strict regarding businesses which are not protecting customer and employee data adequately.
Most businesses need general liability insurance, and if you provide advice or professional services to customers, you may also need professional liability insurance, also known as E&O (errors and omissions) coverage. Depending on which state you operate in, you may be required to have workers’ compensation insurance. Other insurance products to consider include key man insurance on your life and the life of other key employees, business interruption insurance (which protects your income if your business has to shut down due to a disaster) and cyber insurance. Although you might think or hope that you will never need it, every business should take out commercial liability insurance. This protects your business financially if your company is sued by a third party such as a customer or vendor. General liability insurance does not cover things that happen to you, your employees, or commercial premises. Additional insurance policies you may want to consider include professional liability insurance (which covers costs incurred because of errors in your work), commercial auto insurance which covers damage to commercial vehicles and property, and workers’ compensation insurance. General liability insurance does not cover things that happen to you, your employees, or commercial premises.
Make Contracts for Employees
Whether you will be taking on employees soon, or in the future, you need to ensure that you are compliant with the law while putting together a contract, your responsibilities as an employer, and employee rights. This is a complex topic, so be sure to consult with a legal professional to ensure you have covered all areas including health and safety, code of conduct, discrimination, working hours, etc. If your employees will be working on premises, you also need to ensure that you are providing a safe work environment with all the necessary risk assessments, equipment, and precautions.
Work With Outside Suppliers
If you will be outsourcing aspects of your business to another company, you need to ensure that you cannot be held liable for their actions. For example, if they are not fair to their employees in terms of health and safety, pay, or ethical working practices, you may become tarnished by association.
It is also essential that you read the fine print of any contracts you sign with suppliers, question any points which you are not comfortable with, and do not be afraid to negotiate.