One Mishap Can Kill Your Business, But It Doesn’t Have To

Written by Chloe Harwood

One mistake is all it takes to destroy any business. An example of this would be a lawsuit. Let’s say that you slipped up and your health and safety levels were questionable just once. In that time, someone suffered an injury and decided to sue your business for everything that it was worth. In this situation, your business could collapse, particularly an SME, because those lawsuits can be worth millions depending on the extent of an injury.

You should now be able to see how one mistake could be catastrophic for your company and there’s no way around it. Or is there? Actually, by taking the right steps, you can make sure that one mistake doesn’t kill your company. In the case of a PI claim, your first preemptive step should be to make sure that you have workers compensation. That means if a worker is injured, you will be able to cover the costs completely and they won’t be able to sue for more.

What about a security mistake? This is a little trickier, but with the right steps it won’t take down your company.

Get Insured

This should always be your first move as a business owner when thinking about security. Make sure that you do have someone in place who can prevent you losing everything in the event of a security breach. Don’t forget, a problem with security will put you in the position where you can lose a fortune overnight. But with insurance in place, you will be covered. That means you’ll have the fund that you need to bounce back.

You will need to explore different insurance coverage options to find the right one for you. Make sure that it provides you with the protection you need in the event of any security disaster that could arise from a hack to theft.

Okay, but what about if your tech fails?

Handling Tech Failures

Tech failures could mean that you lose all the personal data files as well as the software that makes your company run. That will leave you off the market and if this happens then you can find that people don’t remember you. When you do eventually return after months off the market, you could have lost the majority of your customers.

If you do find yourself in this situation, it’s important that you make sure that you have the IT support services you need. IT support teams can provide you with a comprehensive backup system of your files on a cloud server. With a full backup system, you can get your business back up and running in just minutes.

What about brand destruction?

Performing Damage Control

You might find that when you’re running your business online, you have an issue with something that destroys the reputation of your business brand. This can be devastating, but there is a way around it. You just need to make sure that you are completing damage control with the help of a skilled marketing team. By doing this, you can target the issue directly and address it in marketing, winning back customers. Check out Mcdonalds latest marketing for an example of this.

As you can see one mistake doesn’t have to kill your business. A company can always be salvaged if you have the right measures in place.

About the author

Chloe Harwood