5 tips to protect your small business
Commercial Insurance in Houston
As a business owner, it's your responsibility to do everything within your means to limit risk and to keep the business running smoothly. But how does one go about limiting the possibility of a lawsuit to ensure business continuity?
1. Watch What You Say and Do
First of all, when it comes to your business image, owners and their employees should avoid making any public announcements or conducting any business that might be considered questionable. This means avoiding things like libelous or potentially slanderous statements, but it also means not doing business with unscrupulous individuals. You may not think it's a problem working for a group of individuals who are known for shoddy business practices – because you know your company's ethics are above reproach – but if they take a hit, your company's name may be linked to them in the fallout.
2. Hire a Competent Attorney
Business owners should interview attorneys when they first start up, in order to have a standby legal contact. You may need this person to advise you before you act or on how to react when you've been sued.
3. Separate Yourself From Your Business
Many entrepreneurs own and operate their businesses as sole proprietorships. The only problem with this is that in the event the company is sued, the owner's individual assets (such as their cars or home) are fairly easy to attack or attach in a court of law.
4. Insure Yourself
All businesses should obtain liability insurance in case (for example), a customer was to slip and fall in your place of business. Certain professionals, such as insurance agents and/or consultants should also consider obtaining errors and omissions coverage to ensure the business would be protected should a customer or client accuse the owner of making some sort of error, or not living up to a contract.
To learn more about this area of insurance, contact Cosecha Insurance at (281) 858-4700 or (713) 772-0241.
5. Protect Your Files
As most businesses these days work quite intensively on computers, it makes sense to emphasize the safety requirements for your computer system. Businesses should have updated antivirus and other types of security software loaded and activated on their systems. If a computer system were to go down because of a virus, the business may be at risk of not being able to perform certain contracted work. In addition, key files could be lost or stolen, which could then lead to legal action from clients and/or suppliers.
Source: investopedia
Commercial Insurance in Houston.
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