Protect your business in an emergency

Now that you've identified the risks to your business, it's time to start mitigating them. It's hard to predict what will happen in the future, but you can make changes now to help protect your business.

Take out insurance for your business

Insurance can help your business get back on its feet if things go wrong. You can insure against disasters and for business disruption to cover your losses during the recovery period.

If you already have insurance, check that it covers you for potential risks. Read your product disclosure statement carefully – don't assume you're covered. Look up the definition of certain terms such as floods as they may vary among insurers. You may only have cover for some disasters if you have chosen additional cover.

Backup and secure your data

One of your priorities should be to store your registration, financial records and customer data and other important business documents in a safe location. If they are digital records, try to perform regular backups and store the backup in a secure offsite location or in a cloud-based storage.

When considering data protection devices, read the documents carefully for the type of data that you can store in them. For example, some fire proof safes should not store digital data as the media can melt in high temperatures.

Proper data security measures are also important to protect against hackers and other cybercrime. If you're connected to a network, try to have up-to-date virus protection, secure networks and firewalls, and secure password protection procedures. If you're unsure how to go about this on your own, it may be necessary to talk to a security service provider.

Choose appropriate property and infrastructure

A good strategy to help protect your assets is to ensure the structure of your property is suitable for your area. This may mean security options such as alarms or video surveillance, or it may be wise to consider fire retardant or flood resistant building materials.

Ongoing maintenance is also a good idea. In fire prone areas, ensure you maintain the surrounding areas of leaf litter and grasses and clear gutters regularly.

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