9 Things Your Business Needs for Protection

StrategyDriven Managing Your Business Article |Business Protection|9 Things Your Business Needs for ProtectionRunning a business in 2021 is not an easy task. Apart from the everyday functions of successful operation, there are numerous satellite issues that every business needs. The many facets of business operation revolved around protection. Protection doesn’t only refer to financial insulation but legal protection for employees and your business.

In addition, the 21st-century proliferation of internet-connected systems makes any business a target for malicious hackers, the damage from which can be disastrous. Recent times have also brought to light many issues related to race, sexuality, and gender. It would be best to tackle these issues head-on, and it is necessary to educate all employees at every level.

Nine of the most critical protection issues in modern-day business include:

  1. Quality Legal Representation
  2. Accounting Strategists
  3. Cyber Security
  4. Multiple Insurance Policies
  5. On-Site Medical Aid
  6. Medically Trained Staff
  7. Emergency Exit Procedures
  8. Employee Training Programs
  9. Employee Awareness Seminars

Implementing one or more of these strategies into your company is guaranteed to help your business, yourself, and your employees when related issues arise.

Quality Legal Representation

Love them or loathe them, lawyers are an immense help in almost every aspect of a business. Apart from criminal law, there are multiple aspects to the discipline that most people will never use. In addition, business lawyers are incredibly knowledgeable when it comes to liability issues. For example, if you are a doctor, it could come in handy for your practice should you come under pressure or a face suit from a medical negligence lawyer.

Accounting Strategists

Good accountants are necessary for optimal business. Apart from their well-known skills when it comes to taxes (which you need as a business), experienced accountants and financial planners will advise you on all aspects of your company’s finances. The expertise of accountants includes investment strategies, insurance decisions, and auditing. Auditing is a specialized technique that aims to highlight all expenses of a business.

Cyber Security

Protecting your business from malicious hackers has never been more critical than it is now. The year is just halfway through, yet the UK has suffered almost 10 million record breaches so far in 2021. Additionally, ransomware attacks are on the rise at the cost of approximately $6 trillion per year to companies worldwide. Consequently, one in five small to medium businesses fold within six months of a devastating breach. It would help if you considered managed IT services.

Multiple Insurance Policies

Probably the most vital protection your business needs is insurance. Good insurance doesn’t only protect your company, but your employees as well. Property insurance, liability insurance, and worker’s compensation insurance are a good start.

  • Property Insurance: provides compensation for any property lost or damaged inside the business.
  • Liability Insurance: pays for damages incurred from a lawsuit as well as related fees and expenses.
  • Worker’s Comp Insurance: pays the salary and medical expenses of employees injured while at work in your company.

On-Site Medical Aid

At the very least, essential medical treatment should be available at your company. Such on-site treatment includes first aid boxes and specialized care such as eyewash stations in industrial areas where shrapnel or chemicals are a risk.

Additionally, you could consider on-site defibrillators that employees can use in cardiac arrest or heart attack situations. Defib machines can be purchased for as little as a few hundred dollars/pounds and can save lives.

Medically Trained Staff

In addition to on-site medical aid, you can further protect employees by hiring on-site medical staff or training existing staff in medical procedures. For the most part, you may want to pay for a small number of employees to be trained in first aid procedures. But should there be a significant risk to employees, you could consider hiring an on-site nurse or physician. It’s also common for companies to hire therapists for treating those in stressful jobs.

Emergency Exit Procedures

Disaster could strike your company premises at any time. Acts of God, terrorism, and mass shootings are real threats in the modern world, and organized evacuation procedures are essential for minimizing potential damage. Regular drills are an excellent way of ensuring everyone knows what to do in an emergency as is installing security devices, fire suppression systems, and keeping emergency exits clear of obstacles.

Employee Training Programs

You should adequately train all your employees in their job. Poor job performance is dangerous and puts everyone at risk. For example, the current shortage of truck drivers means that companies are hiring unqualified drivers. Many of these contribute to the 121,000 bus and truck accidents each year in California alone. Additionally, should you employ an incompetent person for any role, you are liable for any negligent incidents in which they are involved.

Employee Awareness Seminars

Issues in the workplace have always been there. But the last couple of years have brought them to the fore. Movements such as #MeToo and Black Lives Matter are socially significant as they serve to highlight injustice and repugnant practices across society and in the workplace. In response, you have a responsibility to ensure the safety of all persons in your employ. A tried and tested method of this is to hold awareness seminars. Educational programs like this can help inform employees what is acceptable and what’s not while at work.

Conclusion

As an employer, you have numerous responsibilities. In addition to owning and operating a successful business, there are a variety of meaningful actions that you can take to keep yourself, your business, and your employees safe. While these mainly extend to legal issues, fiduciary aspects, and cyber protection, they also include medical and societal issues.

Legal representation, accountants, and adequate insurance policies provide excellent meta protection. This kind of cover will insulate your business against legal and financial issues and provide satisfactory solutions to employees in your duty of care, as will adequate evacuation and safety procedures.

Duty of care protection also includes medical-related issues where the risk of injury is probable. On-site nurses, doctors, and therapists are excellent solutions to any medical problems that can arise and only serve to increase protection for everyone involved in your business.

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