Business owners face an array of challenges and obstacles. Running a company is never easy. As a director, it’s natural to want to safeguard your investment and lower risks. In this informative guide, we’ll share some proactive ways to protect your business in 2023.
Insurance and surety bonds
Buying insurance policies for your business is critical to avoid financial losses, but there are other steps you can take to protect your company, including obtaining surety bonds. Check your insurance plans to ensure that your business is fully compliant and then search for additional policies or features to enhance coverage. It’s wise to invest in the most comprehensive policy you can afford. Business insurance can protect against everything from natural disasters, theft and fire to public liability claims and employee mistakes. If you work with other companies or contractors, it’s beneficial to explore the possibility of protecting yourself with a surety bond. Commercial bonds are contracts between three parties. If you’re working with a construction company, for example, and they don’t complete the job, you can avoid financial losses by claiming on the surety bond.
Cybercrime is one of the most potent and dangerous threats to modern-day businesses. We often read about multinational corporations and brands that have millions of customers being targeted by hackers or scams in the newspaper, but small businesses are the most common targets. Every company owner should be aware of the risks. Prioritize prevention by investing in robust defenses and cybersecurity. Implement workplace policies, seek expert advice if you don’t have a dedicated IT department and upgrade systems and technologies. A survey by Gartner revealed that 98% of companies lose an average of $100,000- $540,000 per hour during periods of downtime. As well as lost sales, businesses also have to cope with damage to their reputation.
Commercial properties are an enticing prospect for thieves because they often contain high-value items, which are sought-after by consumers. If you run a physical shop or store, you own or lease a warehouse, storage or office space, you own a salon, restaurant or bar, or your service business has a central base or multiple offices, it’s crucial to invest in security. From CCTV and alarm systems to strengthened windows and doors, outdoor lighting and security guards and foot patrols, there are solutions to suit every budget. Try to deter thieves. Visible deterrents make business premises much less appealing to burglars and vandals. It’s also important to avoid storing large sums of cash on the premises and to consider buying a safe or adding extra security if you sell expensive items, such as designer clothing, bags or shoes, jewelry and electronics.
Business owners face a raft of challenges and hazards in 2023. From theft, natural disasters and cybercrime to financial losses and being let down by other companies, there are all kinds of dangers to try and avoid. Being proactive in protecting your business can go a long way to reducing risks. Invest in comprehensive insurance, consider obtaining surety bonds and make sure you have robust policies, procedures and measures in place to prevent cybercrime and theft.