To protect your business assets, you must first understand the risks facing them. For example, your financial and physical assets could be damaged by fire, flood or other types of disaster. They could also be subject to crime - eg stolen, misappropriated or hacked.
Your strategic information, commercially sensitive data and intangible assets (such as intellectual property) are also valuable - and therefore vulnerable to a range of threats.
How do you protect assets?
It's a good idea to begin managing risks to your assets by documenting what you own and mapping out potential threats and vulnerabilities against each asset. To reduce the risks, you should:
- keep a record of all assets - see different types of business assets
- carry out regular asset checks, including stock and inventory checks
- carry out a risk assessment for different types of assets
- restrict access to assets such as stock, cash or data, where appropriate
- put in place good risk management practices
- register and enforce your intellectual property rights
- comply with data protection legislation, including the General Data Protection Regulation (GDPR)
- apply protective security measures, where necessary
- conduct regular reviews of your asset and management practices
- develop contingency and business continuity plans
Find out what practical steps you can take to secure your business assets.
Insure your company's assets
Asset insurance can help you bounce back from unexpected problems and replace the cost of lost, stolen or damaged property. You can insure many types of assets, such as:
- business premises and property
- cash and credit
- business contents, such as stock, machinery and equipment
- IT systems (against cyber crime)
- goods in transit
- commercial vehicles
How to protect intangible assets
Intangible company assets (such as reputation and knowledge) can be more difficult to insure and much more difficult to recover if lost or damaged. However, you can put in place policies to protect your business' intangible assets. Follow best practices in managing assets in business and protecting intellectual property.
Asset protection planning
Asset protection is about protecting your personal and business assets from the threat of business liabilities, such as debt obligations, claims of creditors, claims for damages, liability, etc. It uses legal strategies (eg corporations, partnerships and trusts) to deter potential claimants or help prevent seizure of assets after a judgement.
Read more about asset protection planning.