Tie Up Your Company’s Legal Loose Ends

Home Budget-Chispa MagazineFor a business to be as legally tight as possible, there need to be no loose ends that could be exploited. Worried about legalities? Here are some ways of protecting your business legally that many companies don’t consider.

Reconsider your business structure. Every company starts off as a sole proprietorship. This business structure means that you have complete control over your business’s finances, but it also means that you’re personally liable for any debts. If a debt needs to be collected, your personal possessions may be liable and your personal credit score could be affected. By making your business a limited company, you won’t be personally liable for such costs, however you may have to abide by tighter financial restrictions regarding your business. Consider which legal structure is best for you and your company.

Organize your legal documents. In the event of a lawsuit, you’ll need access to important legal documents. Make sure that these are in a secure place that you can easily access. Software such as Symfact enterprise contract management solutions could be a great place to store these documents. You won’t be scrambling around trying to find the right documents when you need them.

Take out insurance. Insuring your business can prevent you from having to pay money out of your own pocket in the event of a lawsuit. Given that lawsuits can sometimes cost thousands, insurance is definitely worthwhile. The type of insurance you take out may depend on the nature of your business. If you craft and sell products, taking out a product liability scheme to protect against the risk of faulty products could be useful. If you have lots of sensitive data belonging to clients stored digitally, cyberinsurance could help to pay out money if you are hacked.

Arrange a health and safety audit. Health and safety dangers are the most common cause of lawsuit claims. Tightening up your health and safety by arranging an audit could help to prevent these claims. Companies like RoSPA health and safety consultants can conduct an audit and point out any dangers as well as possible solutions. This could involve putting up extra signage to warn people about a low ceiling or hot water tap, decluttering potential fire escape routes or buying extra safety equipment for your employees.

Protect your website from copyright claims. It’s important to not use any images or information that could be copyrighted on your website. Similarly, you should take steps to stop other people stealing images and content (if you don’t protect your business, a cybercriminal could create a copy of your website and use it for their own gain). All web content is automatically copyrighted under the Digital Millennium Copyright Act, however that doesn’t mean that you’ll instantly know when someone has stolen your content. If your website is WordPress-based, it could be worth installing a plug-in such as Copyright Proofthis can alert when someone else is using your content.

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Milo Senalle

Milo Senalle

Managing Editor at Chispa Magazine
As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.

Milo Senalle

As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.