We can all agree just how sensitive the issue of protecting company assets and devices has become over the years. Office companies worldwide can be subject to robbery, internal policy changes, budgets getting tighter which prevents the Management and Execution teams from enjoying the latest technologies and gadgets.
There is a state of vulnerability at a company level, not only in failing to provide the most efficient software and hardware choices, but also in not being able to protect company assets from digital threats (hackers, data breaches) and for physical threats (thieves, disasters etc.).
Given this vulnerable spot, two trends emerged: gadgets and smartphone protection plans (covering hardware mostly) and data protection solutions (covering mostly the software, cloud issues).
For example, an influencer effort of spreading awareness took place in November 2014: 27 data security experts shared their #1 most cost-effective way a startup owner can prevent its company from such disasters. Their answers are available here.
But what about the insurance plan a small business or startup owner should definitely have in order to ensure mobile data and smartphone protection? Let’s further debate on that.
Insurance Types Any Small Business Owner Should Consider Having
Starting with the musts: 10 insurance plans to consider before launching or expanding your Small to Medium Enterprise (SME).
Small business & startup owners are advised to have the following types of insurance in order to protect their businesses:
- General Liability Insurance – office or home based;
- Property Insurance – ideal if you own the building or have a business personal property. Suggestion: complement it with a business interruption insurance;
- Business Owner Policy package – the all required coverage a business owner needs;
- Commercial Auto Insurance – ideal for company vehicles, but applicable for non-owned also;
- Worker’s Compensation – provides insurance to employees in case of accidents and injuries. The company is protected as well, meaning the employee can’t sue it;
- Professional Liability Insurance – often referred to as Errors and Omissions insurance;
- Directors and Officers Insurance – offers protection to the above-mentioned against their actions that might affect company profitability and operations;
- Data Breach Insurance – provides protection against the loss of sensitive data about employees, clients and company activity;
- Life Insurance – provides protection against death. The insurer also pays a certain amount to a beneficiary upon your death;
- Personal Automobile Insurance – this type covers all road vehicles, with a dual function: it protects against physical damage and any liability resulted from the collision.
While all this sounds assuring enough, aren’t we missing an important detail here? Hint: it fits any pocket and, as the above infographic shows, it is a huge part of our lives, like it or not. The answer: smartphones.
The most vulnerable device in a startup, SME or even corporation is the smartphone, tablet and laptop. Apps, contacts, to-do lists, emails, passwords are stored in these devices we use on a regular basis. Some are accessed more than once a day by both management and execution teams. Going even further, you cannot ever predict breaking or losing your phone.
As a company asset, every hardware device purchase in the company should be followed by an insurance plan – also applicable to smartphones.
In the long run, this could prove to be an effective budgeting strategy when your company can’t afford to change the smartphones of employees on a yearly basis.
Business Owners Who Haven’t Considered Smartphone Protection Plans Should Act Fast!
Things to keep in mind when it comes to protection plans: price, applicability and durability, device age, functionality changes, bugs and errors, physical trauma.
Durability is the main concern here. We could say the smarter smartphones get, the more vulnerable they become physically and operationally.
The infographic below clearly states what the future of mobile data and smartphone usage will look like. The numbers and stats should give us some ideas as to why we, as business owners, should consider upgrading the way we perceive smartphones in our startups and corporations.
Infographic authored by Vistapointe Inc. To view the original post, see the original infographic here.
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