Do I Need To Protect My Small Business With A Backup Plan?

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Written by Michael Foote, founder of Quote Goat, has over 13 years experience working in the finance, insurance and currency sectors.

Wouldn’t it be nice if everything was hunky-dory and went the way it was exactly meant too? Then we could just focus on making our company the best it could be. Unfortunately, this is rarely the case in the competitive, complicated and sometimes chaotic world of businesses. That is why it is so important to have things in place that will protect both you and your business if anything does go wrong. Keep reading to find out more.


Fraud, it’s not something us business owner like to think about, but it is something that can happen. In fact, there were over 3.6 million instances of fraud last year, meaning that it isn’t a risk that we as small business owners can afford to take. With things in mind, it’s important to be aware of the sign of possible fraud, both from employees in our own business and other companies that you are working with.

For example, even if you have an accountant it a good idea to go over the books now and again to make sure that everything that should be being recorded is, and that everything actually adds up. As accounting irregularities are often the first sign of that fraud is taking place.

If you do suspect this is the case, then it’s wise to contact a professional fraud investigator to dig into this further for you. As they are experienced in running background checks, and digital forensics that can help to identify where any money or assets have been misappropriated. Then you will have the evidence you need to demonstrate that you were not involved, as well as to make a claim against the person that is.


Another way that you can protect your small business is to make sure that you have the right insurance. Insurance works by paying a small amount each month, that then covers you in the event of an accident, theft, or loss. This means even if something that you did not predict happens, you will not be left in ruins, without the capital to set it right.

Of course, there are different types of insurances to consider, and some of them are dependent on the type of business that you are running. For instance, if you have a building in which customers visit you, you will need third party insurance, office insurance etc. etc. . So you are protected from being sued if they are injured within this space.

Health and Safety

Lastly, you should also be protecting your small business by being aware of and adhering to health and safety laws and guidelines. These protect both you and your employees and dictate safe working practices. Something that can help reduce the severity and the incidence of accidents in the workplace.

Obviously, accidents in the workplace are problematic, as they leave you open to being sued for injury caused there. As well as being both disruptive and traumatic for the people involved. Something that is definitely not conducive to a constructive and efficient work environment. The type of environment you will need to foster, to make a go of your business.

In conclusion, as unexpected things happen it’s best to be prepared for them with a backup plan in the way listed above. As you can never be too careful when it comes to something as precious as your small business.


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