You have built your company from ground zero. Now, it is time to solidify things with security measures that ensure your business continues to grow. Consider the following when searching for ways to keep your company safe.
Separate your personal expenses from business purchases
One way to confuse things during tax time is to combine your business expenses with your personal costs throughout the year. It is best to obtain a separate bank account from which you make all of your company’s purchases. You should keep a record of business expenses coming from a business account by using online bookkeeping tools.
Protect your intellectual property
Intellectual property (IP) is the intangible property that your company uses to thrive. Brands and slogans are two of the more popular forms of this type of property. The best way to secure your business’ intellectual property against those who would steal it for personal gain is through copyright or trademark. These legal processes serve to label your intellectual property as your own and give you the power to file suit against any person or entity using your brand name or slogan without permission.
Your company is not fully protected without the right commercial insurance plan. You absolutely need workers’ compensation assurance if you have employees. Websites like http://www.unitedsecurityagency.com offer commercial auto insurance is a necessity if you operate a business that relies on a fleet or deliveries to function.
Even your work-from-home company needs a proper indemnity plan. Home insurance, after all, does not cover incidents where a client injures himself while participating in a business transaction at your home.
Business interruption assurance is an excellent option for those who rely on electronics or other equipment that could fail during a power outage. A business interruption indemnity plan makes up the difference for the revenue you lose when your company experiences a temporary shutdown due to unforeseen circumstances. Regardless of the type of assurance plan you select, you should be sure to pick a commercial insurance policy that protects you and your company’s assets.
Hire an attorney
A lawyer is often considered a luxury in the small business world. The reality is, however, that the likelihood of you being sued while doing business is high. You need to be prepared for the unexpected by having legal counsel on retainer. An attorney is especially necessary if you own a company that hosts customers in a brick and mortar facility or provides expert advice to clients. It only takes one mistake to get you embroiled in a costly and potentially damaging legal battle.
You have worked hard to establish your business. Use these tips to ensure that your company is secure.