How much would you pay to have your contacts restored if you lost your smart phone without a backup? How about the thousands of emails sorted and filed in your email account? (Or, for many of us, email accounts?) What if something happened to you and someone else needed to manage your business’s blog or website?
Digital assets can include personal or business websites and blogs, email, social media, financial accounts managed online, business loyalty rewards, online photo albums and more. The list will continue growing as technology continues to develop.
We may not be accustomed to thinking of email accounts and passwords as assets, but the preservation and protection of such digital assets is emerging as an industry unto itself. It’s time we started thinking of email accounts and password-protected accounts as assets and make sure they are preserved and protected to the extent we can.
Small business owners are especially vulnerable, because they often wear many hats in a single day on the job. From bookkeeping and banking to managing inventory and payroll, many small business owners would be surprised at the length of their password list if they ever stopped long enough to write them down.
Now is the time to make that list, and to consider these suggestions as well:
- Prepare a comprehensive inventory of online accounts related to your business
- Have a plan to provide someone with information needed to access online accounts in case of emergency
- Prepare a power of attorney authorizing an agent to access digital assets in case of your incapacity
- Consider placing the business’s digital assets in a trust
- Consider revising your will to include digital asset information
- Research and discuss the use of an online password preservation service with your attorney
As mentioned above, digital asset protection and preservation is a growing industry, and many options are available online. As always, consider the reputation, experience, and estimated longevity of a business before you entrust your digital assets to them.
Business can be risky enough without incurring additional risk and expenses.
If you need guidance protecting your digital assets or any other matter related to your business, the attorneys at the Scolieri-Beam Law Group, P.C. can help. Located in western Pennsylvania, our attorneys are experienced in Pennsylvania business law and can take care of the details for you. Contact us today at (412)765-0546 or send an email to info@scolierilaw.com.