Why Insurance Is Vital For Your Business

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StrategyDriven Risk Management Article |Business Insurance|Why Insurance Is Vital For Your BusinessBusiness insurance is financial coverage for your business. It provides you with protection against both potential and unexpected damage. There are different types of insurance for businesses, from insurance on equipment, structure, loss of revenue, cyber insurance and many more. A business owner is exposed to various risks – from loss of equipment and information due to fire or burglary, damage to electronic equipment to possible third party claims, for example claims of injured employees or even claims filed due to professional negligence. Each business has its own unique characteristics, its specific insurance needs and of course the budget available to it. Therefore, the insurance policies must be adapted to the type of business and its activity, in order for you to receive business insurance that gives you exactly the coverage you wanted. There are different types of insurance, including tradesman insurance for example.

I own a home-based business. When do I need business insurance?

There are many freelancers, including lawyers, accountants and the like, who own and operate a small firm from within their own home. In this case, too, it is advisable to draw up an office insurance policy. If the home office is uninsured, not only is it not protected from the risks mentioned above, but the office activity may completely void the home insurance policy (if any). If a business is conducted at home, the apartment policy must be updated and it must be stated that there is a business activity happening inside it. If the business activity in the home is not updated, the insurance benefits may be affected in the event of damage or a claim.

What policies are needed?

Insurance of shops and businesses. Store insurance or any other business requires a unique and customized business insurance policy. First and foremost, the policy covers the business from fire damage and can be extended to many additional coverages as needed, such as flooding, theft and more. The common covers can be divided into three parts:

  1. Structure – can be extended to cover against natural damage and earthquake etc.
  2. Inventory and / or equipment – can be extended for protection against burglary, natural damage, damage to goods during transfer, loss of profits and more.
  3. Liability (liability insurance) – Common coverages are third party damage (spread of fire to nearby businesses or customer injury), employer liability (insurance that protects the business owner from claims by his employees), product liability, professional liability and more. In general, the field of liabilities is a relatively complex field, and it usually covers the risks that can cost a lot of money to the insured.

Professional liability insurance is intended for employees in a variety of areas of expertise, including doctors, paramedical therapists, architects, plumbers, lifeguards, beauticians and the like. This insurance provides coverage for the professional responsibility of the professional when performing his work. Thus, if the professional is sued by a client due to professional negligence, whether for bodily injury or property damage, this professional liability insurance provides financial coverage, in accordance with the limits of liability purchased in the policy including ancillary expenses. Professional liability insurance is an important business insurance because it covers the long-term professional and protects them from future claims, even those that were filed many years after the insured event occurred and it’s better to be safe than sorry!

4 Benefits of Server Monitoring: How Involved in Every Aspect of Your Business Can You Afford to Be?

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StrategyDriven Risk Management Article |Server Monitoring|4 Benefits of Server Monitoring: How Involved in Every Aspect of Your Business Can You Afford to Be?When business owners first open up their doors, either literally or proverbially, they often manage most or all aspects of the company’s operations. As the business grows, though, things get complicated fast and business owners need to be more judicious with their time. They need to focus on those functions that serve to generate the most income or require the most specialized expertise.

Unfortunately, growing businesses can’t usually afford to hire additional employees to manage other important aspects of keeping things running smoothly. It costs a lot of money to hire a full IT staff capable of performing server and network performance monitoring, but without any kind of server monitoring, growing businesses will be at an ever-increasing risk of experiencing costly network failures. Thankfully, there’s a better option. Read on to find out about four of the biggest benefits of using remote server monitoring as a means of mitigating costly risks without spending a fortune on hiring or expanding a full IT department.

1. Identify Issues Before They Come Up

It’s amazing how quickly a seemingly minor server issue can become a major headache for business owners. Using a Server Monitoring tool makes it easier to detect small problems before they become huge headaches. Remote server monitoring allows business owners to keep track of things like backups and updates and detects irregularities and server failures. Some well-designed monitoring tools can even correct common errors automatically, helping to prevent more serious issues from developing.

2. Get Advanced Warning for Hardware Upgrades

Remote server monitoring can’t eliminate 100% of network maintenance tasks from business owners’ plates. A remote monitoring tool can’t perform necessary hardware upgrades, and eventually, all hardware will need to be replaced. It will, however, offer an advanced warning to business owners so they can plan for a seamless server switchover and eliminate unplanned downtime. A remote monitoring program will let the user know when processor usage is rising to dangerous levels or hard disk space is running low, letting business owners know that it’s time for an upgrade.

3. Improved Security

One of the biggest advantages of remote server monitoring is that it improves security dramatically, especially for companies that don’t have in-house IT departments. The monitoring tool will keep track of everything happening to the system’s firewall, install security patches immediately when they come out, reduce spam relay attempts, and free up server capacity. The happy results of these steps are lower chances of being targeted by hackers looking for an easy mark and reduced downtime due to security breaches, which translates into less stress for business owners and happier customers or clients.

4. Increased Productivity

Already have an in-house IT department and am wondering if remote server monitoring is worth the investment? It is. The IT professionals already on the staff will no longer have to deal with simple fixes that could be managed remotely, nor will they be faced with crisis-level situations that arise as a result of lapses in server monitoring. The automated program will simply alert the IT staff when there’s something that needs to be dealt with in person.

The Bottom Line

Growing a business is hard, but business owners don’t need to go it alone. They can rely on effective, affordable tools like remote server monitoring programs to shoulder some of the burdens.

Developing Cybersecurity-Aware Employees To Protect Your Business

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StrategyDriven Risk Management Article |Cybersecurity|Developing Cybersecurity-Aware Employees To Protect Your BusinessWith more and more businesses adopting remote working models, there’s an increased focus on having effective cybersecurity measures in place. With employees working from their homes or other locations, the threats to businesses are increasing.

An overwhelming 90% of cyberattacks happen as a result of human error, making it even more important that your employees feel knowledgeable and confident about cybersecurity. Through training and clear guidance, you can reduce the threat of cyberattacks to your business, and strengthen your overall resilience.

Here are some suggestions for raising cybersecurity awareness amongst your employees.

Identify the threats to your business

To ensure your business is protected from cybersecurity threats, you need to understand what they are and how they could impact your business. Even small businesses are vulnerable to security threats, making it vital to put safeguards in place.

Some of the major cybersecurity threats businesses face today include malware and phishing scams and ransomware. These types of attacks can occur easily as a result of human error, and it’s important that you recognize the potential risks for your business so that appropriate measures can be taken.

Provide the right training to your employees

Cyberattacks are growing in sophistication, and if your employees don’t know what to look out for, they become a liability for your business – especially when they’re working off-site. Providing the right cybersecurity training can help employees feel more confident in identifying potential risks, and helps them understand the actions that need to be taken if they come into contact with something suspicious.

If your business has made the move to remote working, you will need to provide updated training, while also ensuring the infrastructure is in place to protect your systems.

Publish regular reminders and updates

Providing training to your employees can help equip them with better cybersecurity knowledge, but training alone won’t protect your business. You’ll need to provide regular updates and reminders to ensure your employees are aware of the latest risks, and any policies that have been updated in line with emerging threats. Making cybersecurity an ongoing topic of discussion can normalize it for your employees, helping them make more informed choices at work, and in their lives outside of work too.

Review the situation regularly

As new threats emerge regularly, your business will need an ongoing strategy for cybersecurity, including dealing with breaches and interruptions to your service. Working with an IT company with experience in managing these types of disruptions can help you benefit from round-the-clock support, knowing you’ll be up and running again in no time. Many businesses look to outsourcing their IT to maintain their service while benefiting from the expertise that can keep their business safe.

Cyberattacks have the potential to seriously damage a business, both financially and on a reputational level. With the right measures put in place to protect your business, you can feel confident knowing your business is in the best place to defend against attacks both now, and in the future.

Essential Security Systems That Protect The Business & Employees

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StrategyDriven Risk Management Article |Security Systems|Essential Security Systems That Protect The Business & EmployeesBuilding a business is a challenging job; it needs a lot of investment and not only in the process but also for infrastructure. Thus, maintaining a security system for your business is a must. This will save you from any theft or loss of business or valuable stuff.

Yes! We know that you have already invested a lot in the business setup and completing other formalities to run it. But what’s the use of investing in every step of a company’s development and growth when you can’t protect it, right? So save yourself from any regret and invest a bit in the security system because it will pay you off the investment you have made on it. Here we are sharing types of security system you need in your business:

Closed-Circuit Television

Video surveillance systems are the device that offers the ability to monitor your business from inside and outside. CCTV is not only beneficial to monitor the office but also allows you to check the operation. You can easily track staff, customers and what all is happening on the premises. Cameras even help in finding out the would-be criminal activity and even helps in prosecuting criminals. They become the best evidence when there is mishappening in your business or any theft or misconduct.

The system that detects the Fire

Yes! We are talking about fire alarms here. For any business, detecting smoke and alerts that can create a problem and mishap is very necessary, thus investing in automated fire alarms and suppression systems can prevent you from losing business. In this, you need to make sure that you get it from a reputable company that can help meet the company’s requirements and satisfy all the needed state and federal fire code standards.

Panic Button

This device is safely featured and is in high demand for many companies. Silent panic buttons for businesses are designed to create a safer place for employees. Therefore, the device for businesses has become mandatory in various organizations. It reduces the time between the start of an incident and when responders are on the scene. The key aim of this device is to notify the responders swiftly.

Access Control Systems

Welcome to the new era where you can have the access control system as the security system. This system controls the entry and exit to the office, as every person that is a member of the office will have access, and any non-invited person will not be able to get inside the office. Now this one offers massive security to the employees and other members of the office.

Wireless Sensors

This device collects sensory information and detects any sort of change in the local environment. It helps in protecting the employees and office from gases like carbon monoxide or related toxic gases. Remember, you are protecting the ones who are helping you in the growth process of your business.

Final Words

Protecting employees and businesses should be the priority of any company. As they plan to invest in the infrastructure, legal matters of the business, and employees’ hiring process, they should even invest in security systems. This will protect the employees and the entire business from any mishap.

4 Ways To Ensure Your Staff Are Fully Trained And Knowledgeable Regarding Cybersecurity

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StrategyDriven Risk Management Article |Cybersecurity Training|4 Ways To Ensure Your Staff Are Fully Trained And Knowledgeable Regarding CybersecurityWhen you have a business to run, you need to make sure every single hole is plugged. If there’s a way you can be caught or taken advantage of, then people will look to exploit. Your job as the manager and owner is to keep everything ticking over properly. You’ll likely have staff to help you out with this kind of thing, but you’ll be overseeing every little aspect. Businesses can be awkward at times as there are so many facets, but this part of life isn’t meant to be a complete cakewalk.

When it comes to new-age technology and the cybersecurity that comes with it, you have to ensure that you’re keeping everything safe and secure. A lot of important data is stuck online and in a digital form, so you have to keep it all under wraps. If you’re interested in attracting customers, building a solid reputation, and having longevity, then you’re going to need to make sure that everything is grand regarding your computers.

One way to do this is to ensure that your staff is fully trained. If they know what they’re talking about, then things will be a lot smoother and easier. Here are 4 ways to do just that:

Keep The Training Regular

If your staff have regular training, then their minds will be in a good place with regard to how things are going to work. It’s easy to train them once when they join, but then they may forget a few things over time. You don’t have to worry specifically about how to train your staff because there will be lots of training firms around that you can bring in.

Bring In Experts

Many, many people around the world know about IT systems and will be able to help you – and your business – out a lot. If you have a solid IT support company on your side, then your business is likely to be in a good place going forward. Your current staff will also be able to pick up a few things from them subconsciously.

Create Rules And Laws Around The Workplace

If your employees do not abide by particular rules and laws you put in place, then harsh punishments could be handed out. Make it clear that cyber safety isn’t something that should be treated lightly. One small mistake or some underhanded behaviour should be punished accordingly. If they have this idea in their heads, then they’ll think twice when sitting at their desks.

Hire IT-Literate People

You can solve a lot of issues by simply recruiting all of the right staff in the first place. Obviously, training will likely be required, but you can solve those problems by outlining the kind of people you need in the job description. If you hire people that know what they doing with regard to computers, then you won’t have to panic over their skills or conduct. These new employees will set a good example for the rest of the team. The more competent people you have, the better things will be.