When you’re running a business, there are all kinds of risks you need to prepare for. Something you don’t often think about which should be a priority, is protecting the business against claims.
A claim can be brought against you or the business for a number of reasons. Whether it’s because your customer’s data has been stolen, or you face a professional negligence claim, a lot can go wrong that you need to be prepared for.
Here, you’ll discover how to protect your small business from claims to increase its chances of success.
Seek professional help
If you really want to protect your small business, it’s a good idea to seek professional help. This is especially true if you are facing a claim being made against you. Using the services of a no win no fee solicitor can make it more affordable. This would mean that if you lost the case, you wouldn’t need to pay any legal fees.
There are lots of challenges small businesses face. Protecting your company against claims is a sensible option. If a claim were to be made against you, it could cost you thousands of pounds in damages. So, follow the advice above to keep your business protected against claims.
Ensure you are fully insured
One of the best ways to protect your business is to make sure it is fully insured. There are a lot of different types of insurance out there, making it important to understand your options.
If you are working with members of the public, you’ll want to protect the business against injuries on-site. You’ll also want to consider taking out professional negligence insurance if you provide professional services.
Don’t forget, fire and theft insurance is typically offered as an add-on policy. Take a look at your current policy to see what the business is protected against and whether you need any additional cover.
Be GDPR compliant and focus on cyber security
The new GDPR rules were introduced back in May 2018. However, some businesses still aren’t fully GDPR compliant.
This new law aims to protect consumers against data theft and incorrect use of their data. Businesses now need to state what data they collect, why they collect it and how it is used. If they are found to violate the rules, they are hit with hefty fine penalties. So, you’re going to want to make sure your business is following GDPR rules.
Similarly, it’s important to have cyber insurance for your business as it provides financial protection against data breach that results in the loss of sensitive information. No business is immune as hackers do not discriminate therefore you should consider transferring this risk with a cyber insurance policy to protect your business if the worst thing happens.
Provide ongoing staff training
Providing ongoing staff training can also help to protect the business. It ensures they are fully aware of the latest safety protocols and it helps them do their job more productively. The right training can also address any particular weaknesses employees have.
Choose a good delivery service
If you sell goods to customers, it’s imperative you have a good delivery service. There are so many things that can go wrong during delivery, such as lost or damaged parcels. A good courier service will offer things such as parcel tracking, so you won’t face fraudulent claims.
A good delivery service can also encourage positive reviews. If you provide a poor service on the other hand, your reputation could take a huge hit.