Business Growing? 2 Ways You Need To Protect It

A growing business is a good thing but you need to take some steps now to make sure you protect it. There are some things that could make or break you and the last thing you want is to lose everything. To keep this from happening, below are two things you can do to stay protected.

Fidelity Bond

A fidelity bond is a type of surety bond that will protect your business from things like fraud, theft, and employee embezzlement. In many cases, your insurance company will provide coverage for much of this. A fidelity bond is there to cover what the insurance company will not.

There should be surety companies in your area where you can apply for a surety bond for your business. If not, talk with your insurance company as they may write surety bonds. The company or insurance company can give you more information about how they work.

You will have to fill out an application for a fidelity bond, which is much like filling out a loan application. On the application you will have to provide things like your personal information, how much your business is worth, the volume of business and your credit history.

An underwriter will look over the application to determine if it should be approved or not approved. To help in determination, the underwriter will likely also ask you what your out of pocket costs are.

If you do not have good credit, the surety company may look at you as high risk. In a case like this, you would need to find surety companies that work with people that have bad credit.

Protect Your Data

You likely have a lot of personal files and important files for your business on your computer. No matter if you have a single computer or an entire network, you need to protect it from things like spyware, viruses and hackers.

Make sure you have a virus application installed and that you keep it updated. In most cases, you can set the application to automatically update and run once a day, such as at night when you are not using the computer.

Spyware can wreak havoc on a computer, as it can steal your personal information without you even knowing it. There are many spyware applications on the market. Do your research before you purchase one and install it on your computer.

A firewall is just as important as protecting your computer from viruses and spyware. A firewall blocks hackers or any other intruders from getting into your system and stealing data. Some hackers could wipe out every file you have. If you do not already have a firewall purchase one. There are firewalls that are made specifically for businesses.

Following these two tips will allow you to work on growing your business instead of dealing with any of these problems. For more information, contact companies like NFP, P & C, Inc.