How To Protect Your Business Legally As It Grows
Owning a business can carry its own host of issues, which is why it is important to take advantage of the legal matters that come with the territory. This can be a bit of a culture shock if you are not used to handling such matters on your own. Thankfully, there are a number of business law firms that will be glad to take on these issues for you.
When you want to take advantage of business matters that you will come across, follow these guidelines for assistance:
#1: Secure The Proper Insurance To Protect Against Liability
When you want to be certain that your business is able to avoid legal pitfalls, you'll need to secure the proper type of insurance. In the case of your business, you open yourself up to plenty of liabilities and risks on a regular basis.
This can include things like a person getting injured on your property or while using one of your products, or protecting your ability to pay workers compensation and wrongful termination law suits. To understand the scope and need of your business insurance, speak to your business attorney for further guidance.
#2: Get Specific Contracts Drawn Up For All Agreements
As a small business owner, you might be used to dealing with loose agreements, handshake arrangements and verbal contracts. While these should be honored and have their place, you will want to move away from that manner of doing business as your company grows. This means getting specific contracts drawn up for employee agreements, doing business with contractors and copyrighting and trademarking all of your intellectual property.
#3: Hire A Business Lawyer On Retainer
The thing with owning a business is that no two days or issues are ever exactly alike. What this means is that you can't necessarily plan for the legal matters that you will deal with on a regular basis. Because of this, it might not make sense for you to hire an attorney by the hour.
The alternative to this is hiring a business law firm on retainer, which will allow you to pay a flat fee and get an attorney to help you with a variety of issues whenever you need them. This means you'll have someone available whether you need to address a lawsuit filing or get questions answered about an employee termination.
Follow these tips so that you can secure your business from a legal standpoint as it grows and improves.