Owning a business comes with risks: both of the success of your sales and the potential accidents that can lead to litigation between you and whatever third party is damaged. Your workers’ wellbeing, driver safety, security of production or service, and ability to make payments are all things to be careful of as you run your company towards its success.
Workers Compensation
If one of your employees is injured while on the job, on your property, or under your supervision, you are at least partially responsible to care for that worker’s wellbeing, compensating whatever medical costs accumulate, and even whatever wages they are incapable of earning because of their injuries. Make sure they receive quality care as quickly as possible—this will not only prove your dedication to their recovery but can prevent further harm to them that could come from ignoring or excusing the accident until it is convenient to address it and thereby save everyone money in the future. Work with your employees to seek out a high standard of help, for a fair price to you.
Driver Accidents
Driving is a risk for anyone on the road; however, your company vehicles and the products, services, and people they transport are all your responsibility. You can increase your confidence in your drivers by requiring background checks or driver tests and training as part of the interview or training process. Doing your due diligence when hiring keeps you from being liable for accidents. You can prove your efforts to prepare your employees and instill the feeling of responsibility in them that leads to the safe handling of your transportation.
Professional Malpractice
The words “professional” or “official” carry a lot of weight; if your business advertises any level of professional services or official products, customers will trust the information given at face value. That’s the beauty of marketing! However, you are therefore liable for any malpractice, malfunction, or negligence received by your customers. Like with drivers, implement high standards of qualification, background checks, and required protocol via training that will decrease the chance of mishaps and mess-ups with your business’s name attached. Keeping your customers safe keeps you and your employees safe as well!
Loan Security
If you got any financial help to get your business off the ground, like a loan, you are required to regularly make payments and prove your ability to pay back that loan in full. Any late payment, incomplete payment, bounced check, or request for more time or money is a red flag to your investors. They are legally able to make demands of your profit that—if your business is not doing as well—you may not be able to afford. Provide a solid and secure backup plan for any potential downfalls, to prove to your investors that you are prepared with means of making up for lost time and money.
Protecting your business will protect yourself as well. Look into insurance measures and any means of protection for those liabilities that put you at risk even outside of your business success.
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