Tag Archive | Insurance

Did You Know Cheap Companies Break Easily?

It’s in a business owner’s nature to try and cut spending as much as possible. They know that if the business is cheaper to run it will be a lot more competitive on the market and there’s no denying that’s going to be useful. It means that if a competitor cuts prices of their product you will already be in a situation where you can easily handle it.

However, you do need to be careful about the areas where you reduce spending. By cutting down costs in the wrong areas you can put your business in trouble, legally and economically. Here are some of the areas where it’s worth spending more to ensure that your business doesn’t crash.

Legal Advisor

business-litigationObviously, a business lawyer is always going to be an expensive hire. They can charge as much as they like but the reason they can do this is that you need them. There’s no way to run a business and keep it on top of regulations without a legal advisor on staff or on call.

One of the ways you can reduce spending without reducing the quality of the service is by outsourcing this issue. Rather than hiring a lawyer full time, you can make sure you have a number to call whenever you need them. That way, you’ll always be able to talk to someone for legal advice whenever you want or need them. You’ll only be paying for their help when you use their services if you set it up this way.

Of course, larger companies do stand to pay extra to ensure there’s a legal team in the offices of the company. That makes sense because businesses could be dealing with issues of legality every single day.

Insurance

There are a number of different insurance coverage options for business owners and all of them are worth considering. Without insurance, it’s like walking a tightrope without a safety net. Without full insurance, you have the safety net but there’s a whole in it somewhere and you’re just taking the chance you don’t fall through it.

You can have a look at different types of insurance and find out which one is suitable for your business. You can find out more about insurance such as product liability on a site such as https://completemarkets.com/product-liability-Insurance/storefronts. By looking at the type of insurance on offer you should be able to ensure that your business is fully covered in the areas it needs to be.

Accounting

Next, think about accounting because you need to make sure that you’re keeping your business finances in check. The best way to do this is by hiring an official, chartered accountant. They’ll be able to keep track of everything and may even work to save you a lot of money in clever ways.

For instance, they could help you set up saving interest accounts for your company. As such, this is definitely a case of spending money to save money. You can find out more about this possibility on http://www.cimaglobal.com/.

Take this advice and you won’t make the mistake of cutting costs in areas of great importance.

How to Deal With Business Litigations

business-litigationThe statistics on litigation are just nightmarish. According to evidence uncovered by Forbes magazine, between 36 and 53 percent of small businesses get embroiled in some form of litigation or another during the course of a typical financial year. 90 percent of companies are involved in some kind of legal procedures at any given time.

For this reason, entrepreneurs need to take some serious time out to consider the legal risks and implications of their activities. At some point, the odds are overwhelming that you’ll have to engage with the legal system, defend against being sued, and try to win the case.

Here are some practical steps you can take to defend yourself when a dispute arises.

Get Insurance

Here’s some advice for people going into business: get insurance. Every time you transact with anybody, be that your customers, your employees or your stakeholders, your company are at risk of litigation. The threat of a malpractice lawsuit is ever-present.

It’s also worth getting other forms of insurance too, especially if your business relies on a small group of essential people. What if one of those people were suddenly to get sick? Could your business survive? Key man insurance is designed to pay out if somebody who is essential to your team can no longer work at your firm.

Protect Intellectual Property

Intellectual property lawyers usually charge a flat fee to come and audit your company and identify your key intellectual property. They’ll also provide advice on how to protect it, especially if you plan on selling overseas.

Businesses also need to step up their game when it comes to trademark protection, given the rise in trademark trolls who register trademarks, just to prevent legitimate businesses from using them. Find out how to trademark and use all legal methods available to your to shield your company from copycat behaviour.

Get Formal Agreements With EVERYONE

Disputes between investors, owners and suppliers are a common occurrence. They shouldn’t be.Usually, disputes arise because of the fact that various parties aren’t reading off the same hymn sheet. They each have a different idea of the level of service that they should be offering or their particular commitment to an enterprise.

Signed contracts are proven to reduce the amount of litigation and also reduce the cost of legal proceedings. If you’re not sure your agreements are sound, get a lawyer to look over them to see if there are any issues. Lawyers understand your rights and obligations and may be able to offer additional advice on how to better protect yourself in your particular industry.

Protect Yourself Against Workers

Anybody, whether an official employee or a contractor, who works for your company should have a contract. Don’t just rip a template contract off the internet and hope that this will suffice: instead, create one that actually suits your business and is unique to you.

Also, make sure that all disciplinary procedures are in writing in your employee handbooks. Ensure that behaviour and policies are transparent, including policies on things like BYOD and social media usage as these are common sources of conflict in the modern workplace.