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6 Best Tips To Help Protect Your Small Business

As a small business owner, your business must have a strong foundation that includes security. Whether it’s from theft, natural disasters, or cyberattacks, you must ensure that you have measures in place to mitigate risks. It is reported that about 40% of businesses do not reopen after a disaster or setback. So, how do you protect your small business? Here are a few security tips to help you keep your business and yourself safe. 

Secure your physical location

If your business has a physical location, you must invest in purchasing top-quality security solutions. This investment will help you rest easy and give you some peace of mind when you are not present. It will also help you monitor your customers and employees to prevent vandalism, theft, and other offenses. The first purchase you will need to make is for an alarm system. Different alarms range from size to its features for all kinds of businesses. Depending on your type of business, you can choose the best option for you. But all standard alarm systems should include an alarm that detects break-ins, electrical, and water damages. It should also have a simple camera system.

Apart from preventing offenses, alarms are excellent choices for protecting employees and customers by making them feel safe while working and shopping. They also track environmental changes in your store if they are equipped to detect changes in temperature or moisture levels. Another benefit is that having a security system means that the authorities are promptly alerted when unauthorized persons enter your store. If you consider which security system to purchase, ensure that you shop around for the best solution. Another recommendation will be to ask your security system provider to assess your store to give you the best available option.

Insure your business

About 75% of small businesses are underinsured. That’s very dangerous for many businesses, including yours, if you have not taken the necessary steps. As a small business owner, you are responsible for the well-being of your employees and your customers. They are vital assets that help sustain your business. Unfortunately, your business practices have the potential to affect these vital stakeholders. That’s why having an insured business is essential as it protects you financially in the event of a mishap. 

If you are confused about what kind of business insurance you need for the type of business or service you are providing, you can speak with a professional to assist you. You can also talk to other people in your industry and ask for recommendations. The most common ones are general liability insurance, property insurance, disaster insurance, data breach, and cyber liability insurance. Another word of advice? In a disaster or mishap, ensure that you hire a lawyer to help, especially when you foresee the chances for dispute. Fortunately, there are several reliable insurance claim attorneys ready to help you. 

Protect your business from cyberattacks

As a small business owner, you must be concerned about cybersecurity. Since the pandemic’s start, cybersecurity threats have intensified as many people work from home. To help mitigate the risk of a cyberattack, you can educate your employees and train them on understanding the basics of cybersecurity. They will need to learn how to identify threats and what to do if they encounter suspicious emails or documents. You can also introduce a response plan against cyberattacks that spells out the course of action your employees will need to take in the likely event of an attack. 

You will also need to invest in anti-virus software for the smooth functioning of your computer system. Ensure that you continuously backup data and create strong passwords for all programs. You can also set up two-factor authentication security measures, where you will need to receive a text message with a code to log in. Another tip is to regularly change your passwords at least every two months. 

Encrypt customer data

When protecting your customer’s information, you must take encryption seriously. Data hacks happen and are getting more frequent. It could land you in major trouble when that happens, especially since you are responsible for your customer’s information. Encrypting your data adds an extra layer of protection for your small business to help keep your customer’s data and information confidential. There are several available options for protecting your customer’s data with platforms like the Cloud, safely storing data. 

So, what data needs to be protected? Common data that your business gathers might include names, addresses, contact information, bank and credit card information, as well as health information. Protecting your customer’s data is important for one major reason, and that is its survival, so ensure that you take the necessary steps to prevent susceptibility to attacks that might lead to poor consumer confidence, lawsuits, and fines. 

Conduct regular risk assessments

As a small business owner, you are responsible for ensuring the health and safety of your workers in all aspects of their work. Conducting risk assessments will help you make the right steps in ensuring that your workers and other assets are safe. While it is impossible to fully remove a risk, these assessments will help control or reduce incidents. 

You should ensure that certain systems such as training sessions, inspections, employee health and fitness, efficient supervision, and proper maintenance culture are put in place to help your business function in a safe environment.  

Get legal assistance

Legal aid is a strong requirement when it comes to running a business. You could either have a lawyer or legal representative either on a retainer or in-house to handle all legal situations in the business. A legal representative will participate in meetings to discuss contracts or work on certain projects that can lead to legal actions. 

As a business owner, you are responsible for protecting your business and all of its assets. With these 6 helpful tips, your business is now in a solid position to protect itself against any mishaps or damages or come out of any challenge unscathed.

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