High-profile, embarrassing and costly data breaches routinely capture news headlines. Although these incidents highlight data security issues, business owners have even more threats to worry about. With so much at stake in your business, here are three ways to protect your investment.

Insurance

Many people don’t understand the fundamental facts about insurance. As a result, they also don’t understand how to use insurance to maximize their protection. Regardless of whether you run your firm from your home or a commercial facility, insurance can play a vital role in protecting what you’ve built.

For example, what will happen if your business becomes a victim of burglary, vandalism or fire? Having the right insurance coverage in place could help mitigate your loss. Similarly, you probably need liability insurance to protect you if someone gets hurt as a result of your business. You should buy insurance that every business should have:

  • Commercial vehicle coverage
  • Workers compensation
  • Business interruption
  • Disability
  • Health

Insurance needs vary depending on the nature of your business and its particular circumstances. Insurance premiums can also vary from one insurer to another. Fortunately, you can get business insurance quotes online from multiple providers. As a result, you can save money, simplify your shopping experience and get the best coverage to meet your needs.

Firewall Protection

Internet-connected systems are typically attacked less than half an hour after connecting. This means that hackers and bots can attack your network and all the devices and applications that use it. Without notice, you could become a victim of a denial of service attack or even an intrusion that results in the compromise of sensitive customer and business information. Firewall protection can help.

Having a firewall will never make you immune to cyber attack. However, it adds a layer of security to your network by closing known vulnerabilities, minimizing your online footprint and warning you of attacks. Firewalls can also protect your resources by preventing malware and viruses from entering your network.

You can acquire firewall services in the form of an on-premises hardware device that protects your entire network or as a software application that runs on each of your computers. For best results, consider a solution that incorporates best methods. Doing so will help you and your team stay safe while using devices while traveling.

Previous Employees

As one of your most valuable assets, you invest heavily in human resources. Although employees give your business the ability to accomplish more than you could ever do by yourself, they present their own set of challenges, especially when they leave. When they go, they take all the knowledge, skills, training and experience that they gained from your business to another firm.

Protect your business by requiring your employees to sign non-compete and non-disclosure agreements before they start working for you. This will limit the amount of information former employees can share with their new employers, especially when they go to work for one of your competitors. You can also require contractual agreements that require employees to work for you for a certain amount of time after they receive specialized training paid for by your company.

When you take reasonable preventative measures with your employees, you can have legal grounds to demand compensation if former employees harm your business. While creating agreements for employees to sign, you may want to consult an attorney that specializes in employment law. After all, you want to ensure that your agreements are legally binding and respect the rights of everyone involved.

Owning a business gives you unlimited opportunities for you and your team to earn a living. Still, no one can guarantee success. To improve your chance of success, be sure to protect your business investment. After getting started with the above tips, look for other ways to stay safe while chasing your dreams.

 

by: Mikkie Mills