Getting sued is every business owners nightmare. A big part of being an entrepreneur is to minimise business risk. Keeping a business running should be your priority. From the janitors to the boardroom, your company has to be as professional as possible, and it takes everyone in the organisation to pull together to make that happen. There are a lot of things that you, as a business leader can do to minimise the risks to your business and our five tips below can ensure that you keep yourself protected.
ALWAYS WATCH WHAT YOU DO & SAY
Conduct is essential for your business. However, it’s not only your responsibility. You should not be conducting any activity that is unprofessional or unscrupulous. Avoiding libellous statements is so important – you may have used professional indemnity insurance brokers like Bruce Insurance, and that will keep you covered. Conduct yourselves professionally.
KEEP A GREAT LEGAL TEAM
You need a stellar attorney on your side when you first start-up. They can advise you what to do if someone threatens to sue you. Get as much advice as possible from people in the industry. For an excellent legal counsel so that you can choose the right company to work alongside you.
BUSINESS/PERSONAL ISSUES SHOULDN’T MIX
Most sole traders and companies begin with one owner running the business for themselves. The trouble here is that business issues and personal issues tend to blur. Personal assets should never be linked to or held in business accounts. If a trust owns your business, it can limit the possibility of personal assets being affected.
Business insurance is essential. You need to have this sorted out before you even start your company. It should cover you for any issues in your business, including injuries.
If you’re going to emphasise the importance of having insurance to protect your business, then you need to ensure that you protect your data and secure your documents and business files. A virus or malware could cripple your company without too much effort, and this is where you need to have a fantastic IT team on your side to help you with that area of the company.
You’re a business owner, which means you need to take responsibility for your actions and the actions of those in your company. Being as responsible as possible will help you on your way to legally sound business. A hassle-free future is what your business needs – you should be chasing that as much as possible. Collaboration.