Business owners are often concerned with the practical everyday aspects of running a company, such as attracting new customers, improving products or managing finances. However, it is important to think about ways to keep the business covered in case of fraud, theft or other events.
1. Dishonesty Bonds
Most employers do not hire people they believe to be untrustworthy. Unfortunately, some people who appear to be honest and hardworking staff members may be secretly engaged in unsavory activities. Look into getting an employee dishonesty bond to protect the company’s assets in the case of theft from staff members. Small businesses may especially benefit from this, as the loss of thousands of dollars may put them at risk of going bankrupt.
2. Safeguard the Brand
Carefully document the creation of each new product and take legal action to protect the company’s physical and intellectual property via patents, trademarks and copyrights. Anything that is not properly protected may be taken by other company’s and sold under their name. This may result in costly, lengthy court cases and loss of profit. Contact an experienced lawyer every time a new product or idea is created to ensure all the correct steps are taken to protect the new assets.
3. Limit Personal Liability
There are different types of business ownership options. Each of them has its own benefits and drawbacks. Talk to other people in the industry to see what they have done and find a lawyer to use as a guide through the business creation process. Ideally, all of the owner’s personal assets should be protected, so that if something happens to the company, they will not lose their home, vehicle or other assets.
Taking steps early on to protect the company’s assets and the personal assets of the owner can allow the business to run more smoothly. Anyone who is unsure about the safety of their company’s assets should do an evaluation and take appropriate actions to protect the business.