April 2021 - InsureYourCompany

As a small business owner, the last thing you need on your plate is to become a victim of a cyber-attack or breach. Unfortunately, cyber-attacks and data breaches are becoming increasingly commons, and dealing with an issue is always simpler if there is a plan in place. According to a US Small Business Administration survey, small businesses cannot afford the same level of cyber defense as larger companies, which makes them more vulnerable to an imminent attack.

What is Risk Management?

Risk management encompasses the identification, analysis, and response to risk factors that form part of the life of a business. Effective risk management means attempting to control, as much as possible, future outcomes by acting proactively rather than reactively. Therefore, effective risk management offers the potential to reduce both the possibility of a risk occurring and its potential impact. (CFI.com)

Effective risk management comprises a plan of proactive measures that will minimize exposure and create a safety net in case the proactive measures are compromised. Working with a trusted partner that can provide a risk management plan and a safety net is the ideal situation. At Insureyourcompany.com, we have the knowledge, expertise, and ability to help develop a plan for your business and provide insurance as a backup should it be needed.

All companies handle various types of sensitive and personal information ranging from just contact information to private financial data. The era of instantaneous communication and the ability to conduct business digitally has made everyone’s job easier and increased productivity to unimagined levels. This ability has also created the potential for companies to be infiltrated more easily. The days are over where you had to break into a building to steal an asset. Now, a criminal can sit with a laptop or cell phone and do vast amounts of damage without leaving a trace.

Steps to Successful Risk Management

Identify existing risks— Identifying your existing risks is accomplished by gathering information from all levels and areas of your business. Speak with your employees and use their experience and understanding of their niche to build a big picture. Compiling this information and then sharing it with a risk management professional is vital.

Assess the risks— Once the risks have been identified, they need to be assessed in how and why they have become actual risks. Are there loopholes that need to be closed? Is sensitive information too centralized? Smaller companies that have grown quickly are often a victim of that growth in that growth takes precedence over risk management. Companies need to take an honest look at where they are, how they got there and, what they do better going forward.

Develop an appropriate response— No risk management plan will be perfect and create an impenetrable cocoon of safety. A vital part of an effective risk management strategy is how to handle a failure or breach.

This is done on a few levels:

Look at a breach as a learning opportunity, rather than a failure. Discuss what measures can be taken to prevent the same risk from happening again, and
Have a plan of action in place that will effectively mitigate any damage.

Develop preventive mechanisms for identified risks– Developing a check and balance system that can prevent an identified risk from happening is an important goal. Prevention may take a lot more time and effort, but it can literally save a company from ruin.

Insurance is an important aspect of your risk management planning. While not all perils can be completely prevented, Cyber Liability, Professional Liability, and General Liability insurance can help protect your business. Contact Insureyourcompany.com for an assessment of your needs today.

Starting a new business can be scary. That being said, it also could be the best thing that you have ever done. You get to be the boss, make your own hours, and do what you love. However, you must think carefully when you start a business.

Here are some insurance and business tips for new business owners.

Start with a solid plan:

You really need a solid plan before you start a business. Not only will you need this to get some capital to get started, but it also will help keep you on track to have a successful business. Make sure that you know what you want to do with your business and what you do not want to do. Know how much you are going to charge for your services. If you are going to sell items, know exactly where you are going to get them from, what they will cost you, and how much you are going to sell them for.

Know your ideal client:

It also helps to know who you are trying to reach with your business. Know as much as you can about your ideal client. Who is she or he? Are you looking at a certain age range? What interests your ideal client? What catches their attention? By knowing this, you can market your business directly to them. You aren’t going to put up ads for babies when your ideal clients prefer cute kittens and puppies.

You may want to start slow:

Many small business owners start part-time while they continue to work their full-time job (or cut back their hours). This allows them to continue to have an income while deciding whether or not their business will succeed.

That being said, others need the rush of jumping right in:

Some work best by quitting their job and giving their business their full attention. This means that they have to succeed because they have nothing to fall back on!

Learn from your mistakes:

You are going to make some mistakes. You are going to screw up and upset some clients. Not only that, but you may also lose some clients along the way. That is not the end. In fact, it should be the beginning. Learn from your mistakes and do better next time. The only negative thing that can come from mistakes is if you don’t learn from them and do things differently the next time!

Make sure that you have enough insurance:

If you own a company, you have a lot to lose. If someone sues you, you could lose everything, including things that aren’t a part of your business, such as your house. For this reason, you need to talk to a professional when it comes to insurance to make sure that you are fully protected, just in case. It is much better to be ready than to lose everything.

Before you start a business, you need to come up with a plan. Outlining your business plan allows you to move forward. It lets you decline something that isn’t in line with your plan. It also helps to know who your ideal client is. You are going to need to market to him or her so really study the types of people that you are trying to reach.

You also need to make sure that your business is protected. Not only that, but you don’t want to lose your home because you didn’t have enough insurance. The best way to be protected is to talk to a professional. He or she will be able to talk to you about your options so that you can feel good about your policy.

If you want to make sure that your business is protected, contact us today. We will be glad to talk to you about your options to make sure that you and your business are protected.