No business owner wants to face a lawsuit as a result of negligence on behalf of their company. Fortunately, you can take multiple steps to protect yourself from the full force of the law while maintaining brand integrity at the same time.
Here are some quick tips for cutting business liabilities.
Choose The Correct Business Structure
While taking out a sole proprietorship might sound like the cheapest and most straightforward option, it also carries a host of risks. The worst aspect is the fact that you’re personally responsible for any debts or fines you incur. Lenders and complainants can help themselves to your personal property if you owe them money, putting you at substantial risk.
Fortunately, there is a legal structure called a limited liability company. These allow you to contain any liability to the company as an entity and not you personally. So if you take out a loan and the debt goes bad, you won’t lose your house to pay it off. Instead, administrators will liquidate the company assets, leaving your personal belongings unharmed.
Identify Risks And Create Procedures To Reduce Them
Companies face all kinds of risks in the modern world. As such, they need to take steps to minimize them before they get out of hand.
Policies could include the following:
- Training staff to identify phishing and other attempts by hackers to steal company and customer information
- Creating slip and fall policies, such as using signage immediately whenever the floor gets wet and warning customers of the danger
- Create policy documents to show employees how to operate machinery and provide in-person training for every operative
Of course, there are many other ideas you could implement, but the above is just a flavor for what you’re shooting for.
Maintain Your Vehicles
While COVID-19 has dominated the news cycle, many more people have been hurt by motor vehicles in recent years. And in many cases, this has to do with the fact they haven’t been adequately maintained.
Mechanics will install new components such as an I42309 LP1154 Knorr-Bremse compressor to ensure that the brakes continue to work optimally and reliably, both now and in the future.
Failing to maintain your fleet can lead to serious liabilities for your company and even criminal legal proceedings. Keeping on top of it by sourcing best-in-class components is, therefore, vital.
Implement Hygiene Procedures
With coronavirus still running rampant and thousands of new cases popping up every day, companies need to improve their hygiene procedures.
Often, the most straightforward interventions make the most significant difference. Hand-sanitizer should be available on all desks. And office cleaning staff should be present at the office throughout the day, not just in the early morning, cleaning contact areas.
Put Up Signs
Finally, you’ll want to put up signs all over your workplace to warn people of potential hazards and dangers. Practices like this keep workers safe and also prove you take safety very seriously.
Even if the risks sound minimal, put up a sign. Doing this allows you to always point to the fact that you took the necessary precautions.
- DISCLOSURE – This post has been written by an outside source
