As an entrepreneur, protecting your growing company should be a priority. There are major risks around every corner, and even a relatively small mishap could drive your new business into the ground if you aren’t careful. Here is a look at a few steps that you can take to protect your personal assets as well as your startup safety.
Properly Structure Your Business
There are many different ways to structure a business including a sole proprietorship, corporation, partnership, and LLC. With the right structure, you will be able to protect your personal assets in the event of lawsuit or bankruptcy. If you work alone and a bankruptcy isn’t likely, then you might want to turn your business into a sole proprietorship to save yourself time and money.
Ensure Your Assets
Having the right insurance is going to be absolutely vital as your company continues to grow. No matter how careful you try to be, accidents and injuries can happen in the blink of an eye. A comprehensive business owner’s policy (BOP) is going to cover a wide array of issues ranging from injured employees to stolen property. You can also purchase umbrella insurance that increases your limits and extends your coverage.
It is an unfortunate fact that employee theft is extremely common. A single unscrupulous employee could steal thousands from your company, and trying to replace them is going to cost you even more money. While your company is in its infancy, you need to be very careful about who you hire. In addition, to double-checking their credentials, you must also be sure that you trust them implicitly. Hiring an individual that you trust is going to give you peace of mind so that you can focus on expanding your company.
Promote a Safe and Secure Work Environment
Physical security is another important part of this equation, and you might need some outside help if you want your storefront, office, or warehouse to be as safe as possible. An experienced locksmith from a company like A Carolina Lock Smith can help you install high-end locks, but you should also consider electronic safety measures such as wireless cameras and motion sensors. You should also be very careful of who has access to your keys and entry codes. Whenever an employee is fired, you must immediately change all codes and locks.
If you still feel as if your company is vulnerable, then you might want to hire a third-party auditor. An experienced security auditor will carefully look over every aspect of your company and help you come up with comprehensive plans to avoid issues such as fraud, theft, and cyber-attacks.