1. Protecting Your Company’s Assets As a general business owner, the most important item after sales, which should concern you, is the assets of the company. Assets may be defined beyond items which are used a long-term basis. Some assets are short-term based, such as cash in a bank account. These assets may be here today and gone tomorrow. While other assets, such as a building or facility, may have been with the company since its foundation. Regardless of the type of asset, every business should take steps to protect the retention of those assets, from theft or legal loss.

2. Legal loss definition  Legal loss in business is more than someone just stealing an asset. For a business and for an individual you may lose assets through lawsuit or other legal redress. Therefore, as a business owner you must find ways to mitigate the potential loss of an asset through legal recourse. The most common method of protecting assets will be insurance. However, there are other steps that a business can take to protect their legal, financial, or short and long-term assets.

3. Insurance  Insurance is the most common way for a business to protect itself from loss. There are many forms of insurance, which will help the business protect itself. The most common or thought of one is business liability insurance. This type of insurance protects the owner should somebody be injured in the workplace or business. However, insurance against theft is a form of business protection. Interestingly businesses have opportunities to sometimes qualify for business insurance, which protects them should investment go bad. Therefore, every business owner should sit down with their insurance agent to develop what type of insurance they need to protect themselves from legal liabilities, theft, and even poor business decisions. While insurance cannot protect you from every bad decision or circumstance, there is the potential for the business to benefit from multiple forms of insurance.

4. Preemptive preparation  As a business owner, your primary defense against asset loss will be through insurance. However, as a business owner you can take steps to mitigate or reduce the risk of an asset loss. One-step to take is to examine your place of business against any potential threats to safety. This may be the safety of employees or customers at the business. If there is a slippery part of the floor, consider placing a rug over it. If employees may be injured in the workplace, look for ways to mitigate the potential risk of injury.

5. Preemptive preparation Cont.  Another step to consider is to examine the business from a potential threat of robbery or theft. If the doors may be easily broken into, consider an alarm. If a window or other entry point is too weak, consider replacing that item. As a business owner by examining your place of business from a different viewpoint, namely as that of an intruder, you will have the opportunity to protect yourself from theft. Additionally, some insurance companies may provide a discount to your insurance rates if you have items such as alarms or replaced doors or windows with better products. Simply protecting your business is an easy endeavor in the long run and can save your company not only assets but also expenses or fees.

6. Website: http://www.copenbargerlawfirm.comhttp://www.copenbargerlawfirm.com Copenbarger & Associates info@copenbargerlawfirm.com 281-290-4755 Sources: http://copenbargerlaw.wpengine.com/protecting-your-companys-assets/