Protecting Your Company’s Assets

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Protecting Your Companys Assets

• As a general business owner, the most important
  item after sales, which should concern you, is
  theassets 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.

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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.

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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.

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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.

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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.

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• Copenbarger Associates
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• 281-290-4755
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