Businesses are subject to many risks on many planes; they face danger on the physical, financial and cyber levels among others. They are vulnerable to theft, lawsuits, competition, hacking and more.
Eliminating all hazards to your business is impossible. However, there are ways to defend it against potential threats.
1. Register your intellectual property
As a business owner, you have probably given a great deal of thought to securing your physical assets. However, have you considered protecting your less tangible property? Copyrights, patents, trademarks and trade secrets all fall under the umbrella of intellectual property.
Chances are, you have at least one of these, especially if your business has an online presence. Brands, inventions and logos, for example, are common in business. You need to legally register any of your business’s intellectual property to protect it from theft and ownership disputes.
2. Purchase business insurance
General liability insurance, commercial insurance and business interruption insurance are all beneficial to business owners. Customers may file claims against your business. General liability insurance covers injuries or damage incurred by another party. Commercial insurance pays for repairs and/or replacement of property damaged in unexpected disasters. Circumstances like a tornado may stop business operations for a time. Business interruption insurance replaces any profit/income you may lose in such situations.
3. Protect your employees
Workers’ compensation insurance protects both you and your employees if they acquire injuries on the job. You need to have a workers’ compensation insurance policy or another method of providing your employees with workers’ compensation benefits. With a few exceptions, it is a requirement in Kansas.
Practicing protective measures is important for any business owner. Doing so helps offset difficulties when emergency situations or disputes arise.