Identity theft and theft of customer data gives nightmares to small business people. It can happen easily, innocently, and unnecessarily when you don’t shred your old documents.
Business documents go out of date just like personal papers, but they often contain essential information that can be dangerous in the hands of unauthorized people.
Here is a look at why you should have a planned system for shredding to safely get rid of your out-of-date business materials.
Identity Theft
This can affect you individually, your employees, your customers and your business entity. Theft of critical data leaves you at the mercy of thieves who use it to gain money and take over your identity. They can publish private information that puts your business and the people you connect with in embarrassing or insecure situations.
In 2012, over 16 million Americans had their identity stolen, according to the Bureau of Justice Statistics. With those kind of numbers, you stand a very good chance of becoming a victim to thieves unless you shred your old papers.
Customers trust you with credit card numbers and other financial data. You have their social security numbers, home addresses, phone numbers and other contact information. Thieves can make use of this, leaving you liable for the theft.
Employees have a wide range of personal information on file with employers. This puts them in harm’s way if it is stolen.
Legally, you as a business are required to safely and securely store data for customers and employees. If you don’t comply, you can be subject to heavy fines.
Whether it is a planned theft, or just someone taking advantage of an unexpected opportunity, you need to avoid the chance that someone can gain access to important data. With a regular system of shredding in place, you won’t have to worry.
Save Money by Saving Space
Another big advantage is the chance to get rid of old files by shredding. If your company has been in business for a decade or more, it is likely you have a hefty accumulation of old records you will never need.
By shredding them, you free up space that can be used more productively. Instead of renting a storage unit, simply get rid of the clutter. But do it safely by shredding.
For peace of mind, it is also wise to carry adequate business insurance. Talk to your independent business insurance agent about valuable papers coverage.
