subject: How To Protect Your Business [print this page] How To Protect Your Business How To Protect Your Business
Opening a business is often the culmination of a life's dream. It is, however, a bit frightening to think about how much rides on that business remaining profitable. For those that spend their nights worrying about all that can go wrong, there are ways to make sure that the business itself is protected. By protecting your property with a security system, your operations with error and omissions insurance, and your finances with professional help, your business can stand on its own feet.
Simple Security Protection
Every business, no matter how prosperous and no matter what the location, should invest in some sort of security system. Simply looking your doors or using a rolling metal gate is not enough; your business should be monitored at all times. Not only will this bring down your property insurance premiums, it will also give you a better chance of deterring thieves. There is nothing that can provide a 100% guarantee that nothing will go wrong, but a security system will give you a better chance of protecting your property.
Protection from Lawsuits
Eventually, you will make a mistake in your business. If you are lucky, it will be harmless. If you are luckier, your client will not be litigious. For those with luck that is a bit closer to average, though, purchasing error and omissions insurance is a necessity. This sort of insurance, also called liability or malpractice insurance can help to pay out settlements or awards up to a specified amount (usually upwards of one million dollars). The policy in and of itself is actually quite inexpensive, and is usually paid once a year. Unless you are perfect in every way, this insurance should be purchased before opening your doors.
Financial Protection
Most business owners are good with money; after all, it is difficult to find investors or otherwise come up with initial capital if you do not have a solid grasp of finances. With this said, it is wise to hire a professional bookkeeper or accountant as soon as possible. These individuals cannot only dedicate more time to your finances, but should be more aware of financial regulations to which you must adhere. While hiring on an employee that does not directly participate in the day-to-day operations may seem excessive, these individuals can save your business when it comes time for taxes to be due.
Having a security system, error and omissions insurance, and an accountant available may not be all that is necessary to keep your business running, but it can protect you from those situations that are out of your control. These simple acts can provide a buffer between your business and the outside world, to say nothing of your own mistakes. Before you ever open your doors, consider looking in to these protective measures.
