How to Secure Your Home-Based Business

Insurance for Your Home-Based Business

There are many advantages to operating a home-based business. First of all, you save on office rentals and commutation. You may also be entitled to some tax exemptions. Secondly, if your office is at home, you have more flexibility in work style and can even work without having to leave the house during any pandemic situation.

However, probably one of the most critical areas taken for granted is security. Unless adequately attended to, your business stands at risk of burglary, vandalism, and even cyberattacks that might put at risk the safety of both your property and data.

Why Home Business Security is Important

Whether physical, like computers and inventory, or digital such as sensitive customer information, it's likely your business has something of value. Failing to protect those assets might make you an easy mark for theft or property damage. Protecting your home business Install locks on exterior doors, and latch your windows securely. Solar or motion-activated outdoor lighting can be a very effective theft deterrent.

You will also want to consider adding a security system for extra safety. The majority of burglars avoid homes that have security in place. These people don't want to run the risk of an alarm or camera recording their actions. Many of the newer systems also come with smoke detectors, which may also help you avoid potential fire damage.

How to Choose the Ideal Security System

You can choose plenty of various types, concerning securing your home. Among other things, you are going to have to decide whether to choose a wired or wireless system and if you will have it professionally installed or some kind of DIY system. It would depend on your budget and the level of protection which your business requires.

Weigh the costs of a professional installation with performing the job yourself. Less expensive DIY systems may translate to a greater time investment in setting the system and then maintaining it. Many professionally installed systems require long-term contracts which can include additional costs -read the fine print.

Common components of a home security system:

Activity detectors: sensors that light up if there is movement they are not supposed to detect, which may further activate lights or cameras. Cameras can be indoor and outdoor types, providing views of activities. Some have their actions triggered either by the ringing of a doorbell or by motion detection. Window and door sensors: An entry point breached triggers the alarm. Glass break detectors alert one in case there is any shattering of window and door panes.

Controls and management are conducted using the Keypads.

Other devices that could fall under this category include panic buttons, key fobs, and smart locks. The actual cost you incur for a security system will depend on the features you want. You can get monitoring that starts at approximately $200 for a DIY setup from companies like SimpliSafe. On the other extreme, professional installation and 24/7 monitoring from a company like ADT costs in the range of $1,600 to $2,400 on a three-year contract.

Cybersecurity and Data Protection

Today, most businesses use technology to manage everything from customer orders to financial records. Protecting that information is just as crucial to your business as protecting your physical assets. All businesses that collect, obtain, store, or use personal information, which includes customers' names, addresses, or credit card numbers, have additional steps they should take to prevent data breach incidents.

According to Verizon's data breach investigation report, 43% of cyberattacks target small businesses. The following will help in keeping your information safe:

• Reliable antivirus software blocks malware and viruses.
• Turn on a firewall to shield the network.
• Back up your data periodically to a cloud service or to an external storage device.
• Secure the Wi-Fi network; enable encryption, and hide it from the public view.
• Use your processing firm to teach you how to implement anti-fraud measures, or contact your bank about this.

Reviewing Your Insurance Coverage

While the setting up of a security system protects against theft and cybercrime, it doesn't protect one against damage emanating from natural disasters such as fires or storms. It, therefore, goes without saying that a review of your insurance policy has to be done so that your business assets are actually protected. Most standard policies covering a homeowner will not include damages relating to business, and thus one has to check out with the insurance company if additional coverage might be made available.

Many insurance companies offer discounts to homes and businesses alike for having security systems, smoke detectors, and other safety features within their business or residence. Depending on your situation, it may be possible to add coverage to your business activity to your homeowner policy, or to buy a separate policy for your home business.