Almost every business faces theft from within or attempted breaches from without in their first five years of business, according to the U.S. Department of Commerce. Although it is impossible to completely protect your company from all criminal interference, there are some steps you can take to protect your business.
1. Bonds
Bonds are a particular type of coverage that provides protection against employee dishonesty and corruption. Dishonesty bonds may not be required in all states, but they can be an added protection for your company. The coverage protects your company from embezzlement, fraud, and forgery. Since there are many types of bonds available, make sure you ask your agent for more information before deciding what protection your company needs.
2. Internet
Although the internet makes worldwide sales possible for even small companies, there is also a potential dark side to this marvelous invention. Cyber-attacks are reported daily to governmental agencies, and that means your company could come under attack. To protect yourself, encrypt all data and then back it up. Also, teach your employees about secure passwords and a develop a workplace culture that protects customer information.
3. Insurance
Yes, everyone knows about insurance, but you may not know how many different types of business insurances are available to protect your company. With seven well-known policies available and with subcategories of specialty insurance within each type, it is easy to see how some liability riders or guarantee coverages may be overlooked.
4. Security
Security breaches occur every day and cost businesses an estimated $3.5 trillion last year. Your company may have a superb security team in place, but unless your employees are supervised, and regular audits are performed, you may find your business at risk. Along with data encryption and computer security measures, make sure your webpage has the best firewalls available.
Your company doesn’t have to be huge to warrant protection. Even a small business should invest in the security steps listed above.