How to protect your start-up
Many important areas need attention when launching a start-up. One key area which you must not overlook is how you can protect your business as there are many different threats to modern-day start-ups that have the potential to destroy the company. These threats impact all companies, but a large multinational will have the finances and resources to manage. In contrast, a small start-up will struggle to cope, so protection is critical to survival but can also provide valuable peace of mind. Here are a few key ways that you can protect your start-up business from the very start.
Business Insurance
Insurance is a smart way to protect a start-up and could help you to manage if you encounter any kind of legal difficulty which could put you out of business without financial protection in place. There are several different types of insurance, and it will depend on your industry, but a few of the essential types are:
- Product liability insurance
- Public liability insurance
- Business interruption insurance
- Employers liability insurance
It’s good to have professional indemnity insurance if you’re a lawyer, doctor, architect, engineer, consultant, accountant, IT professional, or financial advisor. This insurance can enhance your credibility and be a critical component of risk management. Click here to find out more about professional indemnity insurance.
Cybersecurity Products & Training
In today’s digital world, cybercrime is the biggest threat to modern-day businesses, and start-ups are heavily targeted as often they will not have adequate protection in place. This means that you need to invest in high-quality cybersecurity products, which will provide you with protection from the latest digital threats. Still, you must also train yourself and your team on how you can stay safe and protect company and customer data. Employee negligence is often the reason that cybercriminals are successful, so training is a vital step that you need to take.
Employees should be well-versed in company policies governing the appropriate use of resources, encompassing computers, email, and internet usage. They should also understand the procedures for addressing security incidents, including contacting the relevant parties and collecting necessary information.
Simulated cyberattack scenarios enhance employees’ comprehension of cyber threats and effective response strategies. It’s essential to emphasize that cybersecurity training is an ongoing process, ensuring that employees remain vigilant and updated in light of continually evolving cyber threats.
Create Backups
Leading on from this, it is also essential to have digital backups of critical company data in case of a data breach, corruption, or damage. Anyone that has lost data before with no backups will testify as to how frustrating this can be and could be costly for your business, so make sure that you have a place to create backups and to have this set up automatically to make regular copies.
Research and select backup solutions that meet your startup’s needs. Consider cloud-based solutions, on-premise solutions, or a combination of both based on your data volume and recovery requirements. Implement data encryption for your backups to ensure your data remains secure during storage and transmission.
Furthermore, set up versioning and retention policies to keep multiple versions of your files for quick recovery. Configure automated alerts to notify you of backup status, especially if a backup fails or encounters an issue. Timely notifications can help you address potential problems promptly.
Access Control
Of course, it is not just digital threats, and physical security is a critical area that you need to focus on. Access control is a smart way to do this as it allows you to control who can enter the building and certain areas of the business and monitor usage. Access control card readers use the latest and best technology, which can be used to protect the building along with everyone and everything inside while also allowing you to control who can enter particular rooms and areas which are helpful in specific industries.
CCTV
Another smart type of physical security to consider for your start-up is CCTV. CCTV is an excellent form of protection because it will act as a deterrent to criminals. Still, it can also be used to identify and convict if anyone does try to gain access to the building as the imagery is crystal clear in modern-day CCTV cameras. You can have a network set up around the premises to provide complete protection with no blind spots.
Contracts
When starting a new business and forming arrangements with other companies and individuals, it is a common mistake to simply form a verbal agreement. This will not provide you with any protection if there are any disagreements or issues, which is why you must always draw up a contract that is signed by both parties, even if it is for a seemingly minor agreement. In addition to providing legal protection, a contract is also helpful for outlining precisely what is expected from both parties.
Terms & Conditions
Similarly, you need to create terms and conditions which outline rules and expectations when a consumer uses your products/services. A consumer must agree to these conditions (which are often ignored), so they will provide critical legal protection if there is a dispute, so you must also make sure that these conditions are comprehensive.
Intellectual Property Protection
Succeeding in business is all about intellectual property, which will include your company name, branding, products, technology, and anything else which you have created. You do not want another business stealing and benefiting from your creativity, which is why you need to protect your intellectual property with trademarks, patents, and copyrights.
These are the key ways that you can protect a new start-up, and you need to make this a priority when starting a new business. You need adequate protection in place from day one as there are many threats to a modern-day business that could stop you in your tracks before you have even had a chance to succeed.
