Disasters can’t always be predicted. However, that doesn’t mean that you can’t still prepare for them. By putting certain protective measures in place, you can reduce the damage of a possible disaster – possibly even preventing any damage from taking place. Below are just five of the most serious disasters that a business can face and how you can protect yourself against them.
Every year, thousands of businesses are victims of burglary. Cash, tools, computer hardware and products are just some of the things that are stolen. Damage may also be made to the building itself in the process. Replenishing stolen items and repairing damage can be very expensive – it can put many companies out of business. If you have a business premises and have goods worth stealing, it could be essential to put protective measures in place.
The most effective thing you can do is invest in physical security measures. Firstly, make sure that all valuable items are locked away. Secondly, make sure that any windows and doors are adequately secure against a break in (it’s also worth alarming your door just in case someone unauthorised gains entry). Security cameras can scare away many burglars – those that aren’t scared away meanwhile can be caught on camera. Signage and outdoor lighting can also scare away burglars.
In case all of these measures fail, it’s also worth insuring your possessions and premises. Being covered by insurance will prevent you from having to pay for most of the recovery costs. Your insurance rates are likely to be low if you have strong physical security measures in place.
Burglary isn’t the only type of theft that businesses can fall victim to. Cybercrime cases are rising every year. Using a range of malicious tactics, cybercriminals are able to steal and extort huge amounts of money from businesses, usually by getting access to sensitive data such as passwords or financial information. In the process, data belonging to customers or employees may be compromised – which could lead to lawsuits and reputation damage. All in all, a cybercrime incident can be very hard to recover from.
You should look into cyber security solutions to help protect your business against cybercrime. Basic cybersecurity measures to put in place include installing antivirus software and using strong passwords. On top of this, you could consider putting in place security protocol for employees to avoid being a victim phishing. It’s also possible to outsource IT support to monitor and prevent network attacks.
In case a cyberattack still takes place, it can be worth having all your data backed up somewhere safe such as a secure cloud server. It’s also possible to take out insurance against cyberattacks, which may pay not just for any money extorted but any financial loss as a result of subsequent lawsuits.
Lawsuits can often be expensive and can damage a company’s reputation. People file lawsuits against businesses for all kinds of reasons. A few common motives include being injured, having items or data lost or damaged or being given a promise that is not delivered on. Usually some form of malpractice is committed – which could be committed by your or an employee. Serious lawsuits can be enough to put a company out of business and so it’s important to protect yourself against them.
There are lots of things you can do to prevent lawsuits. To prevent personal injury lawsuits, make sure that you have stringent health and safety measures in place. To prevent lawsuits as a result of failed promises, make sure that your employees are well trained and be careful about what you claim you can achieve. Meanwhile, when it comes to preventing lawsuits as a result of property loss or damage, consider how you store, deliver and package valuable items.
Various forms of business insurance can help to pay out compensation if a lawsuit is filed against you. These are also worth having in place as an extra form of defence. Any business that has employees must take out worker’s compensation insurance. Other insurance schemes such as public liability insurance and professional indemnity insurance are useful to have too (you may be able to take out a business insurance package that includes all these schemes).
Natural disasters come in all different forms. Some are more likely to happen in certain areas such as floods, earthquakes, tornadoes and sinkholes. Others can affect anyone anywhere – the Covid-19 pandemic that is currently raging on is a prime example.
You can’t prevent natural disasters from happening, however you can prevent damage from taking place. For instance, if your business premises is located in a high risk flood zone, you may be able to add flood defences to stop water getting into the building.
Storing data online and having the ability to work remotely can be useful if your company building is made inaccessible due to a natural disaster. If it isn’t possible to work remotely, consider keeping some backup funds to fall back on in the event of a disaster or look into insurance schemes that may be able to pay compensation.
Many businesses never experience a fire – however for those that do, they can cause huge amounts of damage to property. Worse still, a fire could cause injury or loss to human lives. Protecting your company against the damage of a fire is therefore very important.
Every business with employees is legally obliged to put in place certain fire defences. This includes installing smoke alarms, having a clear fire exit, having fire extinguishers on the premises and conducting a fire drill. There may also be measures that you can put in place to prevent fires such as not using too many extension cables and storing flammable chemicals and items away from heat sources.
Commercial property insurance may be able to cover you against a fire, allowing access to money that you put towards recovery. It’s worth also backing up any important data online so that it can’t be destroyed in a fire.