October 3, 2019

Should My Business Have a Safe Deposit Box?

SHOULD MY BUSINESS HAVE A SAFE DEPOSIT BOX?

Does your company deal with valuable documents or physical goods? If so, you might want to consider renting a commercial safe deposit box. Businesses rent safe deposit boxes from private security facilities, banks, post offices, and other vault locations. Restauranteurs, lawyers, accountants, auctioneers, manufacturers, service professionals, physicians, and many other business owners can protect their valuables from theft, disaster, and damage by keeping important documents, valuables, and financial records in secure physical storage.

WHY YOUR BUSINESS MAY NEED SECURE STORAGE

Savvy entrepreneurs and corporate executives alike prepare for both potential upsides and downsides in their business. They maximize opportunities when they present themselves and harden operations against risk before downturns strike. Risk can never be fully eliminated, it can be managed. Comprehensive risk management saves time, money, and energy when a business needs them most.

What types of risk can your business face? The most common include:

• Wayward employees

• Natural disasters

• Lawsuits

• Insurance claims

• Merchandise shrinkage

• Unforeseen emergencies

• Thefts and break-ins

• Tax and compliance audits

In these scenarios, managers need to act quickly and effectively. Any wasted time searching for misplaced records or documentation can incur meaningful incremental costs. By finding the right archiving or secure storage option, you can be better prepared.

At Safely Deposit, our secure storage experts can help your company find the right safe deposit box for your business. Email our team at info@safelydeposit.com to learn more today.


WHAT TO STORE IN A BUSINESS SAFE DEPOSIT BOX

Depending on your business, you may consider storing any number of documents or valuables in a commercial safe deposit box. First, identify if your company needs short term or long term storage and whether you need flat document storage or larger containers for other valuables. Then, identify 

Popular items to store in commercial safe deposit boxes include:

• Insurance policies

• Contact information

• Corporate succession plans

• Commercial secrets

• Digital media backups, e.g. flash drives or hard drives

• Investment documents

• Tax information

• Invoice records

• Asset titles, deeds, and inventories

• Employment records

• Surveillance video archives

• Precious metals or gems

… and more


OTHER WAYS TO PROTECT YOUR COMPANY

Secure storage is only part of a business security plan. The best-prepared companies develop a sense of ownership and responsibility for security in their workplace culture. These businesses train all employees in security best practices, from executives to entry-level hires. They also know that investment in additional security measures pays dividends for their company and their customers. Depending on their product, service, and clientele, they may invest in closed-circuit surveillance, private security guards, armored transportation, and more.

If you enjoyed this article or if you have any questions about commercial safe deposit boxes, email our secure storage experts at info@safelydeposit.com

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