There are an array of beartraps in the business world just waiting patiently to gobble your business whole. Which is why you have to do a lot initially and ongoing to avoid your company collapsing under the pressures the world might thrust upon your business. From tornados to floods, employee injuries on the job, to keeping within the legal framework of data protection, the risks are varied and extensive. For those who want to take an active role in protecting their business, below is a brief account of what you can do to get you started.
Business Insurance
There are different insurance policies you can apply for to protect your business in the event you need backup, should the worst case scenarios spring up at any point. For instance, if you own the building or office space your company is situated in, you will need building insurance to cover your workspace in the event your building is destroyed (for example by a natural disaster or fire outbreak). There is also a range of business liability insurance experts for all kinds of main street businesses, even startups. Depending on the type of business liability insurance you sign up for, this may include aspects such as; financial loss incurred as a result of an employee being injured in the workplace, or help you if you need to seek funding from your insurance company in the event property within your workspace has been damaged.
Backup Fund
Each business owner should squirrel away a portion of their earnings into a separate account per pay cheque, to ensure the company’s survival should their business suffer various financial obstacles. This could mean a large printer/scanner/photocopier/fax machine breaks in the office and needs replacing imminently. Or the need to support a member of your in-house staff with compensation due to an injury they have suffered and to pay to fix the problem that caused the injury to improve operational work processes and safety.
Data Backup
Your business intelligence is arguably the company’s most important asset. This includes customer information, business accounts, inventory, primary research and discoveries, blueprints, designs and so forth. Without it, your business would most likely cease to exist. With the range of advanced technology available, there is no longer an excuse to keep your information just in paper form, you could go paperless and scan/store your paper documents online, in the cloud, on a server or a backup computer. The scale of your business and the amount of information you possess will determine what kind of backup is necessary, and what kind of risks your business intelligence will most likely be exposed too. Such as theft and destruction by criminals or an event that is out of your control, such as a flood. If you haven’t already done so, back-up your business data ASAP.
Prevention in any circumstance is always a smarter, better, cheaper alternative in comparison to trying to fix your business following a disaster. However, every effort should be made to backup your business, whether purchasing the proper insurance, saving a business emergency fund or backing up your existing data, enabling your business to bounce back quickly if your company is met with a halt.
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