Running a business out of your home is already challenging enough. When you add in the fact that there are almost 2.5 million burglaries annually, protecting your home business seems that much more unmanageable. Fortunately, we have a few tips that can help you protect your assets when you run a business at home. Let’s get started.
Secure Your Personal Data
One of the most important assets of your home business that you need to protect is your information. Cybercrime has increased almost 300% since the beginning of the COVID-19 crisis, and it doesn’t show signs of slowing down. So before you take steps to secure your physical inventory, you may want to look at your online information. If your passwords aren’t secure enough or you don’t have any anti-virus software installed on your computer, you could be putting yourself at risk for crimes like identity theft and fraud. Your hard-earned money is at risk here if you don’t take precautionary measures. It might not seem feasible to work with an IT consultant for your home business, but doing so could mean the difference between running a secure online business and having your bank account drained by someone across the country. Protecting any aspect of your business that’s online needs to be top priority when you’re thinking about protecting your success.
Invest in Self-Storage
You may think that there’s no location more secure than your home for your business inventory. It couldn’t be less true. If you sell physical inventory as part of your home business, it’s incredibly important that you protect it properly. A small amount of your product might fit inside a secure location in your home, but what are you going to do with the excess? Rather than storing it in your garage or home office, investing in a secure storage solution is going to be your best bet. A self-storage company can offer much better security than boxes inside your garage can. Not only that, but storage facilities often offer climate control and water-tight storage units. Considering the three most common types of water damage can still ruin your products, it’s not a good idea to take the risk. Even a small storage unit can likely house most of your inventory. The key is having it in a secure location.
Get the Right Insurance
No matter what kind of business you’re running, it’s critical to have the right kind of insurance. This is especially important for home businesses, which may be subject to specific fines if the insurance isn’t correct. Some things to consider are whether you offer services within your home as part of your business, have more than $5,000 in business property kept at your home, or rely on the income from your home business to support your family. Each of these factors can mean you need a different level of business insurance to properly protect your assets. Additional insurance may also be required as your business grows or evolves. It’s also important to consider whether you have the proper licenses and permits to run your business from home.
Protecting your home business is crucial to its continued success. By following the tips outlined above, you should be well on your way to a successful home business venture.