Are you setting up your own construction company and want tips on how to protect your assets? You’re in the right place. Here, we explore some of the best ways to protect valuable business assets – from power tools and machinery to intellectual property - no matter what the size of your company.
One of the most important things to get right is the security of your equipment. As a construction business, it’s likely that you’ll have a large amount of expensive power tools, machines and materials that you use daily and are integral to your job. So, when items are lost or stolen, it may leave you unable to complete projects and having to fork out a lot of money for new equipment. This is why having solid security measures in place is vital. Smart technology such as Milwaukee’s ONE KEY anti-theft tool tracker is an effective option, as it allows you to track all your equipment across different job sites or crews.
Another hugely important thing for any business is to get the right insurance in place. There may be several different types of insurance you need to protect various different assets. For example, you may want to get machine, tool and plant insurance to cover your equipment, as well as building insurance if you work out of a garage or workshop. You’ll also need to get public liability insurance, employer’s liability insurance and professional indemnity insurance to give you financial protection should a claim be made against you. There are many types of insurance you may need, so speak to a professional to find out exactly what policies to take our for your business and the level of cover you require.
Your intellectual property (IP) is essentially anything you’ve created through your own creativity, such as product inventions, your brand name, designs or other things you may produce. You may need to protect certain types of intellectual property by applying for things like trademarks, patents or registered product designs. As well as potential IP protection, you may need to consider protecting other tangible assets like your computer equipment, petty cash and company vehicles.
These are just a few examples of some of the business assets you will need to protect – so it’s important to get advice from a professional to make sure you factor everything into your asset protection plan. By having the right measures in place to safeguard your business’s current and fixed assets, you can help to build a healthy business model for long-term success.