You invest everything into your business, so it’s important to protect your investment. Insurance can help after a loss, but what do you have in place to stop loss from happening in the first place? Thankfully there are several loss reduction strategies you can implement to mitigate the risk and/or severity of potential losses.
Protect Your Physical Assets
Protecting your physical assets may include installing alarms and motion sensors to guard against theft. Ensure your fire extinguishers are regularly tested, and smoke detectors are functional to decrease the risk of loss by fire.
Protect Your Digital Assets
Your data is often your business. Make sure you have firewalls in place, and that any malware software you have is updated to protect from hackers and viruses. Scheduling your systems to update to the cloud every evening provides a valuable backup in case of theft, destruction or hardware issues.
Protect Your Human Assets
Employee education is one of your best lines of defense. Ongoing training to keep employees informed of company loss reduction strategies and their role in them can provide a sense of ownership and personal stewardship in the workplace.
Some loss in business is unavoidable, but evaluating risks and implementing appropriate strategies can go a long way in helping your company decrease preventable losses.