Business owners have so many things occupying their time, mental and emotional energy and finances. Often flooded by the tsunami of minutiae, three things for which your business should be prepared above all else are equipment or technology failure, natural disasters and its effects and worker injury on the job.
Equipment or Technology Failure
It was only in the last 20 years of the 20th century that mankind started fully embracing and leveraging computers and accompanying developments into its personal and business worlds. Once computer equipment found a home, things got complicated yet faster, smaller and more efficient. Within only 10 years, longer than the automobile required to accomplish the same goal, over half the population used computers regularly. Recent surveys hint that there may be no end in sight to the interweaving of computer technology of the common citizen. That also indicates that business involvement will follow suit.
Computer security, information confidentiality, financial records and other sensitive data are routinely stored on the hard drives of business computers. Outline a detailed action plan for data recovery, practice it until it’s perfected, and always back up your data routinely and often.
Data and replacement expense disasters don’t stop at your business’ exit door. Natural disasters cause hundreds of millions of dollars in damage recovery every year. The potential for flooding, earthquakes, tornadoes, tropical storms or hurricanes subject almost every square acre of the world. Ensure your insurance covers not only “normal” emergencies such as fires but also against the “what if” factor when nature rears its angry elements.
Few business owners understand and fully appreciate the value of protecting the business and the business owner against liability claims when personnel get hurt or killed on the job. According to a Sacramento Personal Injury Lawyer, too many believe that a solid worker’s compensation plan will tidily take care of everything. Unfortunately, that’s far from true.
A business may have stringent safety procedures and meticulously adhere or exceed safety standards by the Occupational Safety and Health Administration, and that’s marvelous. However, what good does all that planning and practice do when the employer — the business and its owner — is found even minutely at fault?
The conclusion is obvious: Protect your business and yourself from both the normal and the unusual for a maximum buffer and minimal financial exposure.