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5 Common Ways Businesses Protect Themselves from Threats

June 23, 2017
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5 Common Ways Businesses Protect Themselves from Threats

Businesses today face a wide range of threats, and these threats can result in considerable financial loss or even in the demise of the company as a whole in some cases. You understandably need to take every step possible to reduce the risk that these threats pose. These are some of the more common steps businesses take to protect themselves from threats.

Investing in a Security System

Theft and vandalism are common crimes that can impact any type of business. Some of the crimes are internal, and workers may steal money, products, equipment and more from you. Other crimes are from external parties, and they may penetrate into your space when the property is vacant at night. A security system can be used to deter crime and to alert authorities after a break in. Investing in a security system may also provide you with a great discount on your business property insurance as an added benefit.

Placing Cameras Strategically Around the Property

In addition to installing a security system, it can also be helpful to place security cameras throughout your property. Ensure that these are high-quality digital cameras that can zoom in on perpetrators and that can clearly make out facial features. Some cameras even have a night vision feature so that they can see criminals in the dark. These cameras can be used to identify criminals as well as to prosecute them in court. The footage may be admissible as evidence.

Purchasing Insurance

Property insurance and workers’ compensation insurance are both excellent products to invest in. Property insurance can protect you against losses related to theft and vandalism as well as fire, natural events and more. The right business policy may pay for a loss of income for a period of time if your property or inventory is destroyed or lost. Your property insurance likely will have a liability clause in it as well that pays for any property-related liability issues that develop. Workers’ compensation insurance can be used if one of your team members is injured on the job. It can prevent you from being sued for damages because it provides the individual with financial compensation for medical bills, lost wages and other expenses related to the accident.

Conducting Background Checks on All Employees

Bad employees can be a true detriment to your company in many ways. They may be lazy and corrupt morale while decreasing productivity. They may seem like a virus that spreads discontent throughout the workplace. They can treat customers poorly and damage your business’s reputation. They may also be stressful for you to handle and manage until you can properly document their actions and fire them. Some will steal, damage items, sexually harass others in the office, and more. By conducting a thorough background check on all employees as part of the hiring process, you can decrease the chance of having a rotten egg in the basket.

Reviewing Other Companies’ Credentials

There may also be times when your company needs to contract with other companies. Signing legal contracts creates a bona fide obligation to act according to the contract, but when you contract with unscrupulous people or companies, your own company may be hurt in various ways. For example, you can lose money, hurt your brand’s image and more. Even a company with a good reputation might have some concerning problems. Hiring a company that can do background checks, certificate of insurance tracking, and other vetting services can help you to find red flags before you go into business. It is wise to always conduct a thorough screening on companies and individuals before you sign a legal contract.

Over the course of regular business operations, many companies face common threats, and these threats can result in substantial or even total loss in some cases. You must take action to identify potential threats on a regular basis. These are some of the best steps that you can take to prevent common yet serious threats from affecting your business. Implement these tips today if you have not already done so for the benefit of your business.