As a business owner, you know how important your assets are to your company’s success.
That’s why it is vital to protect your business assets the best way possible from day one.
Knowing exactly how to protect your business assets most effectively will depend in large part on the unique details that make your company competitive, including your industry, your business model, your IP, and many other aspects of the business.
While all of these are important, here’s five things you can do immediately to better protect your business assets.
- Plan before a claim or data leak ever arises. The first and most important thing you can do to protect your assets is to start now. Once a claim or a leak has happened, it’s too late. This means that you also must regularly update your asset protection plan every time a major change in the status of your business or its assets occurs. Otherwise, you may find these instruments and plans to be lacking.
- Apply for as many trademarks, patents, and copyrights as possible. Every company has intellectual property–and in today’s business climate, intellectual property is just as, if not more, important as tangible assets. Keep all IP safe by registering it. At the very least, you’ll have a brand to protect by a trademark.
- Use confidentiality agreements and internal security measures to secure trade secrets, data, and business data. Trade secrets from client lists to business practices to operations procedures are often what makes you competitive in your industry. That’s why you must secure these as much as possible. Employee, third-party, and contractor confidentiality agreements will go far. Beyond that, it’s important to invest in other security systems, password protection, encryptions, and security methods to keep these vital business assets secure.
- Invest in proper insurance. Too often, small business owners neglect insurance, assuming that disaster won’t happen. When a physical (or digital) asset is compromised, insurance can minimize the impact of its loss. It may seem like an unnecessary expense, but all major company assets should be well-insured.
- Use all legal protections that work well for your company’s needs, but keep it simple. There are many other legal protections that your business law attorney can help you leverage to keep business assets safe, but keep in mind that a simple, straightforward plan is best. When the asset protection plan becomes so convoluted that not even you can understand the basics, it’s easy to create an accidental gap in protection. The best way to avoid unnecessary complexity is to let a single attorney or firm keep track of the big picture, so you are getting a comprehensive approach to asset protection, not a piecemeal approach that will fall apart when you need it.
Of course, this alone isn’t enough to fully protect every company’s assets.
After all, every business is unique, so your asset protection plan should be just as individualized.
Talk to an asset protection lawyer today by calling Merrill, Arnone & Jones (MAJ Law) to see what more you can do to keep your business assets safe.