Soar Collective
Entrepreneurs

5 Business Disasters You Should Be Prepared For

As a business owner, you are going to face countless challenges over the years. From burst pipes to ransomware, those issues will bring your productivity to a grinding halt if you aren’t prepared. Here are a few simple steps that you can take to quickly deal with some of the most common business disasters.

Cyber Attacks

A single cyber-attack could cost your company well over $100,000, and almost two-thirds of all attacks are now directed at small businesses. In addition to having comprehensive anti-malware on all of your devices, you should also spend some time teaching your employees about IT security. Their training needs to include information such as how to create secure passwords and what they should do when they receive unusual emails.

Lawsuits

Even if you do everything in your power to protect your company, you might have to deal with a lawsuit at some point. These legal issues are often the result of disgruntled clients or employees who feel as if they are entitled to some type of compensation. The best way to protect yourself in these cases is to contact a business attorney who has experience working with smaller companies. Hiring an attorney might cost more initially, but it will most likely save you money in the long run.

Injured Employees

Before you hire your first employee, you need to have a comprehensive business insurance policy in place. That policy will help you cover expenses such as medical bills, business interruptions, and workers’ compensation. Business owners who don’t have the proper insurance could be fined by the state or sued by one of their employees. At least once a year, you should look over your insurance to make sure that you have adequate coverage.

Hardware Failure at Your Facility

Most storefronts and warehouses have a few key mechanical systems that could go down at any time. Issues such as a burst pipe or broken HVAC system must be taken care of by a professional contractor like Art Douglas Plumbing Inc. It might seem easier to carry out basic repairs on your own, but you want to be absolutely sure that the job is done right the first time. Depending on what type of damage has occurred, your insurance policy might pay for some or all of the repairs.

Natural Disasters

Most business insurance policies won’t cover natural disasters like floods and mudslides. In order to be covered for those events, you will need to speak with your insurance provider about adding riders to your policy. Riders are designed to supplement basic policies by covering very specific issues. That might include any number of events ranging from hurricanes to forest fires.

You won’t be able to prepare your company for every possible disaster, but taking a few precautions will help you avoid some of the most common issues that plague businesses. With a little bit of foresight, you could end up saving your company hundreds of thousands of dollars down the road.

Related posts

In Need Of A Home Office? Convert Your Garage Into A Work Space!

Leila Dorari

5 Major Threats That Prey on Small Businesses

DianaSmith