If something bad happens to your business assets, then you’re not going to have a good time. In fact, it can spell disaster for your company. So you need to make sure that you’re on top of things when it comes to asset protection. Have a look at this guide and strengthen your defenses today.
Considering the business entity
One of the best ways to protect your assets is found right at the beginning of your venture. When you’re setting up your business, you need to choose the right business entity to work as. This is going to help protect your personal finances as well. Operating as one entity might seem simpler than operating as another. (For example, sole proprietorship is often simpler than a corporation.) But this might not give you the adequate protection you need if someone wants to take legal action against you.
Being extra careful with contracts
This one should seem obvious enough. But let’s face it: most people don’t seem to read the contracts they sign. All those “terms and conditions” you agree to without properly reading? That’s you signing a contract without reading it. You should be sure that you read every contract you sign, either in your personal life or as a business. Even the terms and conditions of things you sign up for online might contain something that could later affect your business assets.
Lock it up
When we talk about assets, we often think of quite abstract things. Money, stocks, contracts, etc. But what about your tangible assets? The building you work in? The computers you use? The data storage systems you have lying around? That cool TV you have in the break room? These are all assets, too, and extremely important ones. (And yes, that includes the TV.) You’ve got to make sure these all have adequate protection, too. Work with a commercial locksmith and make sure your building is as secured as it can be.
Insurance isn’t just something you need in your personal life. Business insurance is also extremely important. You should be looking into it as part of your business plan when you’re first starting up. It will help keep you protected should something threaten your assets. If someone wants to take legal action against you, then the insurance company will often become the primary target. This can help take some of the stress out of your hands! You should have insurance for all of your valuable assets. This includes the physical assets in your office that I was just going on about.
Thorough history checking
Employees are awesome, right? Except when, you know, they steal from the company or try to defraud you. Or if they’re simply clumsy and allow company secrets to fall into the wrong hands. It’s highly unlikely that sort of stuff is going to happen, and you shouldn’t use Orwellian surveillance to prevent it. One of the best ways to protect yourself from this is to make sure you thoroughly check the history of someone before you employ them. Check their criminal record. Get in touch with the references they provided.