Businesses face numerous risks that have the potential to cause extensive loss or damage. These could include such things as theft, equipment breakdown, employee dishonesty, cyber attack, and property damage.
To stay in business and be successful it’s important for owners to be aware of threats and take steps to prevent them occurring.
Here are 5 simple ways to avoid common threats and stay in business:
Your first line of defence against many common threats to your business is awareness training. Simply training your employees to spot suspect or unusual behaviour and occurrences in and around your organisation as well as online can prevent many threats.
Create A Theft Prevention Plan
A theft prevention plan is a way to assess potential risk and create strategies to minimise opportunities for both external and internal theft. It’s one of the most important steps you can take to protect your business assets, because it can be used as a training tool for employees.
To create a theft prevention plan think about the risks from theft your business is exposed to. Make sure to include:
- Theft that could occur from within your business (Internal theft) such as employee shoplifting, fraud and sabotage.
- Any theft that could be committed by someone outside your organisation. Such as external fraud, shoplifting or break ins.
You can then continue and create prevention plans for any potential threat to your business.
Take Precautions Against Employee Theft
Employee dishonesty and theft is a widespread issue, but there are precautions business owners can take to mitigate the risks. Here are some tips:
- Use a pre-employment screening, such things as reference checks, criminal and credit checks can be performed, depending on the position.
- Build employee loyalty and positive culture by using human resource programs
- Lock merchandise and install surveillance systems
- Perform scheduled and random inventory checks
- Separate financial responsibility and functions so more than one employee deals with the task.
- Follow merchandise procedures
Maintain Your Equipment
For most businesses, equipment breakdown can cause loss of revenue very quickly, so it’s important to take action to avoid it and the subsequent stress it creates. Follow these tips:
- Install equipment correctly, read user and installation guides or employ a qualified installer and then follow recommendations.
- Test, review and maintain equipment regularly and where possible upgrade before problems start occurring.
- Backup business information and data.
- Train your team in how to operate equipment correctly and to identify issues.
Build An Insurance Policy That Covers The Threats That Most Affect Your Business
There’s no single insurance solution for every business, so it’s important to work with an insurer who takes the time to understand the potential risks your business could face.
These are 5 simple ways to avoid common threats and help you stay in business. They’re a great start toward protecting your business assets. But sometimes it’s just not enough...
That’s when you need to take out an appropriate insurance policy that covers everything important to your business.
Want to learn more?
Regional Insurance Brokers can help business owners assess risks that are specific to your business, and will make sure those risks are covered in your policy. Contact our experts.