Protect your business

Risk and emergency planning

It doesn't matter what stage of business you're in, you need to think about how you'll protect it. You shouldn't just rely on insurance. There are many risks and threats that could damage your business operations and your reputation.

By completing a risk management plan, you can reduce both:

• the chances of something happening
• the amount of damage that's done, should something happen.

For example, understand how you can reduce the risk of cyber-attacks by managing your software.

Develop an emergency plan so your business is prepared and knows how to act quickly and recover. It could be an emergency situation or natural disaster like flood or bushfire.

Learn more about risk management from business.gov.au.

Cyber security

When protecting your business, you should be especially aware of online threats. As more businesses go online, there's increased risk of digital scams and security threats. You need to know what to look for, and where to get help if you need it.

Become familiar with the most common cyber threats and know how to protect your business.

Protect your business using the Small Business Cyber Security Guide from the Australian Cyber Security Centre.

Privacy

Many cyber threats attack the collection and storage of your customers’ personal information. To ensure you protect this information, you have to comply with privacy laws. They regulate how a business must handle personal information, especially for direct marketing.

You can learn more about your obligations from The Office of the Australian Information Commissioner (OAIC). The OAIC is an independent agency that deals with privacy, freedom of information and government information policy.

Understand your obligations by using the privacy checklist from the OAIC.

Insurance

Insurance is an important part of protecting your business. The insurance you need depends on your business. Insurance options include:

• professional indemnity
• product liability
• public liability
• revenue
• property and asset
• workers compensation.

It’s compulsory for all employers in the ACT to have a current ACT workers compensation policy with an approved insurer. Talk to an adviser or insurance broker to make sure you have the right policies in place.

Learn more about business insurance from business.gov.au.