After creating a business, protecting your organization should be a top priority to ensure that it can continue to grow and succeed in your industry. Failing to protect the business can result in significant loss. If you’re ready to increase the security and protection of your company, there are a few necessary steps you’ll want to take as an employer.
Use Smart Passwords
The passwords that you use to protect your data are one of the main tools that you can implement to increase the level of security in your company. Make it a point to use smart passwords with two-factor authentication enabled on the main apps that are used. Having two different methods of verification can reduce the risks of getting hacked. The passwords should also be changed frequently and have at least eight characters with both symbols and numbers used.
Obtain Workers’ Compensation Insurance
Although you may take the necessary steps to protect your employees and team, you’ll also need to be protected from them. It’s important to have workers’ compensation insurance in case of accidents that occur on the clock to ensure that medical bills or lost wages are covered. A typical insurance policy for workers comp will cover hospital bills, co-pays, the costs of prescription medicines, rehabilitation services, physical or occupational therapy, and transportation costs. (ref)
Avoid Giving Your Employees Complete Access
Many employers make the mistake of trusting their employees too much and giving them full access to everything. You’ll want to provide limited access to your employees to prevent them from viewing sensitive information that could put your organization at risk.
Hire a Competent Attorney
With the services of an attorney, you can have legal protection from an expert who can advise you on the actions that you’ll need to take if you’re ever sued. The attorney should be updated on the local laws and have expertise in a specific field. You may also need to hire a tax attorney if you’re facing challenges with the IRS. (ref)
Separate Yourself from the Company
Separating yourself from the company will allow you to protect yourself as well as the assets that you own if your organization is ever sued. You’ll need to have a trust own the business, which is a legal entity that can own securities, cash and properties.
Protecting your business is an important part of owning an organization that is necessary to have longevity in the industry. By taking a few crucial steps, you can have peace of mind, knowing that you’re less at risk of losing money or facing lawsuits.
