Whether your business is healthcare, marketing or another industry, asset protection is vital to your success. When you own and operate your own company, you naturally open yourself up to a number of risks. From the expenses you take on to natural disasters and product issues, there’s always a possibility that something can potentially harm you and your business.
Because of the true reality of these risks, it’s crucial that you take steps to minimise any potential loss that may arise. By safeguarding your asset, you’re covering your business from a number of disasters should they happen down the road.
To ensure that you have the best security you must keep employees properly trained and informed as well as having the correct security applications, protocols and equipment in place.
So what goes into keeping your assets safe? What should you be doing to protect your business? We’re here to explain.
- Apply for trademark, patents, and copyrights. All businesses have intellectual property and in today’s business market this is just as, if not more, important as tangible assets. Keep all of this safe by registering it – at the very least you’ll have a brand that needs protecting by a trademark.
- Have a plan before it’s too late. One of the most important things you can do to protect your assets is to start straight away because once a claim is made it’s too late. This means you need to regularly update your asset protection plan every time there’s a major change in the status of your business or its asset occurs.
- Confidentiality secure your business data and keep tools safe.
Client information, business practices, operating procedures and data need to be kept confidential. So it’s important that you invest in security systems, password protection, encryptions and security methods to keep these vital business asses secure.You may want to invest in stronger firewalls, equipment and software that will encrypt your data. Telecommuting applications and equipment should also be kept secure, and are potential problems for many companies who don’t realise how easy it can be to gain access to data through these systems.If your business requires an additional building for valuable tools or to store machinery look into investing in a sturdy structure, such as a steel workshop for maximum security and durability against fire, snow and any other bad weather.
- Invest in insurance. Too often, many business owners neglect insurance assuming that disaster won’t strike upon them or their business venture. When a physical or digital asset is compromised, insurance can minimise the over impact of its loss. It may seem like an unnecessary expense at the beginning, but if you want to keep your assets safe, you should be well-insured.
- Use legal protection that works for your company’s needs. There is a great deal of legal protection that a business lawyer can help with in order to keep your assets safe, but keep it simple and straightforward because when an asset protection plan becomes convoluted, and not even you can understand the basics, gaps can start showing in the protection. The best way for you to avoid unnecessary complexities is to let one single attorney or firm keep track of the bigger picture and this way you’re getting a comprehensive approach, not an approach that will fall apart when you most need it.
- Take stock of what you’ve got. It’s important that you take business inventories regularly, that way you know exactly what assets you have should anything happen to them. Record your assets carefully so you can detect theft and replace anything lost or stolen.
- Evaluate your prevention methods. It’s important to make sure your prevention methods are up to date. Review your methods periodically and make necessary changes to your business on a regular basis to keep it as secure as possible.
- Educate your workforce. Many employees often have access to all assets. As such, it is more important than ever that employees follow protocols to keep everything safe. Educate and teach employees how to ensure everything is secure, and make them aware of various scams and hackers.
Of course, these tips alone are not enough to fully protect your assets. All businesses are unique and will require further steps, but these are the basics that will push you in the right direction. Talk to an asset protection lawyer and find out what more can be done to keep your business safe.