3 Essential Security Measures to Protect a Business

Not all business owners think about security when setting up a business, but this is a mistake. There are many risks, some online, and others in the real world. Ignoring all the many security issues your business might face could lead to any number of expensive consequences. It may even end up causing the demise of everything you worked so hard to build. Here’s what you need to do to protect your venture. 

Insurance

Insurance is the most basic protection every business needs. It provides financial compensation when something goes wrong. Public liability insurance protects a business from claims if someone has an accident on your premises, and professional indemnity insurance protects you if you give a client bad advice. Other specialist insurance policies like Worker’s Compensation are designed to pay out if an employee suffers a workplace injury or illness. Find out the workers compensation insurance cost if you don’t have this already.

IT Security

Online threats are just as dangerous as a flood or a fire. Data breaches cost US businesses $9.44 million in 2022 alone, which is a significant increase on the $9.05 million in 2021. IT security is not something any business can afford to ignore, especially if they conduct a lot of business online. 

Hackers like to target smaller businesses because they are less likely to have touch security measures in place. One way to make sure your business’s online assets are protected is by outsourcing IT support to a third-party consultancy. This is often cheaper than hiring an in-house IT professional. 

At the very least make sure all employees have internet security and firewall software in place on devices they use to access company files and resources. Educate everyone on the importance of using strong passwords and being careful when opening emails. This might not protect your business from a sophisticated hack, but it’s a good start. 

Physical Security

Physical security measures are just as important if you have business premises. Do a risk assessment and think about what threats you need to protect against. Some of the main ones include:

• Stock theft – if your business carries stock, whether you sell to the public direct or online, you need to protect that stock, so it isn’t stolen by customers, employees, or anyone else with access. Conduct regular stock takes, make sure high-value items are protected with security tags, and the premises are secure out of hours. 
• Equipment theft – equipment is just as vulnerable as stock if you don’t secure it when not n use. Plant and machinery must be stored in secure units. Depending on how much equipment and machinery your business has, protective measures like security alarms, CCTV, patrolling guards, and security fencing may be needed. 
• Vehicle theft – don’t underestimate how valuable company vehicles are. They will be insured, but don’t make it easy for thieves to steal them. Keep vans and other vehicles in securely locked enclosures when not being used and fit trackers to them so you can check where they are at all times.

Pay attention to basic security in your business. Otherwise, it could come back to bite you at a later date.