7 Tips for Reducing Business Liability

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Every business needs a solid, proactive strategy to reduce exposure to liability and risks. There are many risks facing companies of all sizes throughout every industry. Physical risks, like theft, and digital threats, like data breaches, must be planned for early on for prevention to mitigate any damages to you and your customers.

In this article, we provide seven tips on how to lower business risks and reduce overall liability.

Invest in the Proper Insurance

Insurance coverage helps businesses protect themselves from incidents like theft, natural disasters, or bodily injury to staff or clients. The right coverage will ensure that your company is covered financially and legally if any incident arises. You can also look into commercial crime insurance. This type of coverage can protect your business from losses from burglary, employee theft, and even computer fraud. 

If your business is ever a victim of theft, you can file a claim to receive some compensation for lost assets. It’s crucial also to implement preventative measures that make it harder for people to target your business. Furthermore, you should ensure your business is secured against potential employee theft.

Utilize a Screening Process

Taking on new hires is a significant challenge for a business. In addition to assessing a candidate’s talents and skills, you must also evaluate their character. Unfortunately, employee theft and security breaches are increasingly common occurrences. For business owners, strong screening measures are essential to protecting your company. Consider implementing criminal background checks, verifying previous employment, and requiring at least two references for candidates.

Contacting these references and asking about the individual’s performance can be effective. You can also ask about their behavior in the workplace, such as their professionalism, how they handle conflict, and if there were ever any issues regarding their conduct. Simple steps like these can help you avoid hiring people who are more likely to jeopardize your company’s security in the first place.

Protect Physical Property

There are many ways businesses unintentionally expose themselves to risk. A lack of mounted security cameras, or motion-sensor lights is just two examples. These are essential to keeping your property covered and deterring potential criminals. In addition, ensure that your business has a high-quality security system installed to monitor your property.

Furthermore, you should routinely change safe combinations and any digital lock codes. If you grant access to employees, make sure you keep track of entries and exits to be able to identify when and where issues arise. You should also change the locks whenever someone with previous access leaves the company to reduce the chances of an incident.

Hire Professional Security

A professional security guard or team of officers can help secure your business and protect customers and staff. Professional security guards know how to monitor your property during regular business hours and overnight. They can conduct both mobile and foot patrols to make sure that nothing goes unnoticed. In addition to providing criminal deterrence, you can also hire security to handle building access. They can check IDs, manage access, and ensure that only authorized individuals have access to your building.

In the retail and hospitality industries, a security guard can help prevent theft, vandalism, and other criminal acts. They can also intervene swiftly if there is ever any trouble. Security helps businesses prevent, detect, and eliminate risks, which protects assets and keeps people safe. You can hire an armed or unarmed guard depending on your company and needs. If you are unsure which would be suitable for your business, you can always consult with our team.

Secure Devices and Data

Make sure that you continually update the software on all company technology. These updates install critical security patches that make your technology less vulnerable to hacks and malware. You should also install a strong firewall and antivirus program to prevent unwanted access and isolate any threats that make it into your network.

Some businesses find that outsourcing their cybersecurity services is the easiest way to ensure their data is always protected. If you have an in-house IT team, provide a robust risk management strategy. Routine updates, penetration testing, and security upgrades are vital to protecting your company in today’s world.

Develop Strong Security Protocols

Businesses that know how to protect themselves from crime are always ready to respond to a threat. In addition to threat detection, you should have clear measures outlined for staff to report any suspicious activity or concerns to management. 

Additionally, routine monitoring and surveillance are essential to protecting your company. Monitor the use of company-issued computers, smartphones, and other devices for breaches or misuse; install security cameras throughout your business’s property in compliance with local and federal laws; and keep close tabs on your inventory levels and financial reports, so you can quickly identify when something is off.

You should also have a thorough security procedure for safely locking up your business at the end of the day. Ensure you always secure doors and windows with your central security system and protect valuables by placing them in safes or enabling alarms.

Use Multi-Factor Authentication (MFA)

Multi-factor authentication helps companies add an extra layer of safety to their cybersecurity. Instead of entering a password or passphrase to gain access, individuals must confirm or approve access via a separate means. The most common MFA forms are text, email, or an authenticator application.

For example, you might use MFA logins for critical software or financial applications. Users must provide their information and then enter a code sent to them in their email or phone or via their authenticator app. Virtual private networks (VPN) are one other way that businesses can secure themselves digitally.

Protect Your Business With Security Professionals

At Silbar Security, we offer armed and unarmed security guards for commercial businesses and events, among other services. All of our guards are highly trained professionals, often with previous military or policing experience. We use law-enforcement-grade technology to protect our clients and their staff and customers. 

To learn more about our security services and how we can help you formulate a plan for your company, don’t hesitate to get in touch with us today.

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