Launching your startup signals a new phase in your professional career. It’s that moment where all your hard work, planning, visions, and inspiration come together and go live in order to build what will hopefully become a successful venture. While there is plenty that goes into making a startup successful, such as marketing, offering unique products and services, backing it up with exceptional customer service, and really building a recognizable brand image, there are also those extra items that deserve attention.
Did you know that there is a lot more than can threaten your startup’s success outside of profits? Here’s a look at key features you’ll want to research that are meant to protect your startup.
Look Into Professional Liability Insurance
While this item doesn’t typically sit on top of your list, in reality, it deserves your attention. Professional liability insurance can end up being the smartest investment you make in your new startup. It doesn’t matter how much knowledge and experience you may have; the fact is that mistakes can happen and those mistakes can lead to the financial ruin of your business.
As The Hartford describes, professional liability insurance is meant to protect your company and you in the event of a claim. This would typically be when professional services or advice provided by you have then caused financial harm to a customer because of the failed performance of your services or mistakes made by your business. The Hartford specializes in selling insurance products through a robust network of brokers and agents.
Professional liability insurance is something that many types of businesses can benefit from, and in some states, businesses are even required to have it in order to operate.
Cyber Security Must be a Priority
Another thing you’ll need to give thought to is how you plan to protect your business against potential cyber-crimes. If you’re under the impression that cyber-crimes only happen in the movies, it’s time to think again. Unfortunately, they are becoming more commonplace, with cyber criminals targeting everything from big businesses to small startups like your own.
Putting proper cybersecurity measures in place will not only protect your own records and files, but it will also protect customer data and information. If customers can’t count on you to do this, you can bet your business will end up suffering.
As for what measures you need to put in place, first, you must identify what the most sensitive data and information are so you know where to focus your efforts. From there, you need to use the proper software that will give you that cyber shield, make sure employees are informed on what protective measures they need to take, make sure your hardware is secured (which often means installing security alarms and cameras), and always stay on top of your efforts.
Giving Your Business the Best Chance at Success
By making use of these key features, you’ll be protecting your startup and giving it the best chance of success.