At the end of the day your business should have insurance to cover a setback. But what about taking a few precautions? This is good business practice and the costs are tax allowable.
A good business will complete a risk assessment – What is it that is likely to cause a problem? And how can we prevent that happening or make sure it does not have a big impact.
Some aspects the government have legislated for under the banner of Health and Safety, but you need to look at your business specifically.
- Shoplifting – get CCTV
- Breaking & Entering – get better locks
- Fraud – improve your record keeping and checking
- Flooding – put sensitive items up high, install dams
- Loss of power – arrange back up generators
- Computer failure – use the cloud for backup or storage
HMRC are happy for you to keep records electrically and we have some excellent online software systems to keep your business records.