Most business owners will agree that keeping their business secure is a top priority. Burglars not only steal products, but they can also usually damage property. A combination of physical and cyber security should minimize losses for your business. In most cases, it is much cheaper to secure your business than to replace losses or repair damage. Below are some security tips for your business that can also help bring your insurance rates down.
Data Protection
In recent years, businesses and governments have been victims of numerous cyber attacks. New threats are emerging daily and are aimed at stealing customer and business data. The threats are also evolving and becoming more sophisticated. The average cost of a business data breach is almost $4 million, and mega breaches can run into the hundreds of millions. Though it may be expensive to invest in high-level security for your business, it will pay for itself in the long run. Cyber insurance can provide you with blanket protection and is very affordable. The tips below will help your company minimize data breaches.
Building Security
It is essential to invest in a security system to protect your business because an advanced security system can detect and deter threats. Typically, criminals target businesses without a security system or a system that isn't adequate. A security system should have a combination of items such as door alarms, motion sensors, a central alarm, window sensors, glass break sensors, and surveillance cameras. The more layers of security you have, the better since it's possible that a burglar can find a way to bypass or defeat a single system. A central alarm system that can immediately contact the authorities or you is ideal.
It is important to remember that the best security system should be tailored to your needs. Contact a security company and have them do an assessment to determine the best system for your building. They have the experience to point out security weaknesses in your building or in an existing system. Due to cost, many businesses owners tend to take a chance with no or limited security. This may save you money in the short term but not in the long-term if your business is burglarized.
Lower Insurance Rates
By practicing the above tips, your business could actually lower its business insurance premiums. This is because insurance companies will be taking on less risk if your company can prove that it is taking efforts to protect against data breaches. This is similar to car insurance companies giving discounts for vehicles with theft protection systems.
In closing, protecting your business physically and through cybersecurity efforts can protect your business and customer data. It can also save you money in the long run.
If you have started a business and haven't taken these measures to secure your property and data, contact us to see how we can help you with your business insurance. We care about you and your business and we want to see you succeed!