Business owners are often faced with legal liabilities that can greatly harm their professional image, customer base, and revenue. If you run your own company, you’ll want to take steps to keep your business protected from these liabilities. Here are some of the best ways to keep your company legally compliant.
Keep Important Documents
Certain paper documents, as well as those that are stored online, should be kept indefinitely. These include financial records that show how you’ve managed business assets, borrowed money and dealt with other money matters. These documents could prove to be crucial if you’re ever audited by the IRS or investigated for any other reason over your business revenue. Other important documents to keep include shareholder agreements, stock certificates and any permits that were granted by the city, state or federal government.
Follow All Safety Protocols
A hazardous work environment could result in you being held legally liable if any of your employees are injured on the job. The Occupational Safety and Health Administration (OSHA) has set forth a series of safety standards that every company should follow. Maintaining a clean, clutter-free work setting can help your employees avoid accidents and illnesses. If any of your employees get hurt, you’ll want to record a detailed report of the events surrounding the incident and take steps to try to rectify the situation quickly.
Put Protections in Place
There are additional resources that you can utilize to further safeguard your company. A business insurance policy is one of the main protections that you should have in place to cover you financially if you’re ever held liable. There are many ways to get business insurance in CA, or in other areas, for all types of business. Having a lawyer on retainer is also important, and you can receive legal advice from this attorney on an ongoing basis as well as legal representation if you ever need to go to court.
Address Employee Concerns
Any concerns over work hours, wages or other business matters that are brought to your attention should be addressed quickly and taken seriously. Claims of sexual harassment or discrimination should be taken especially seriously since these allegations can put your company in a lot of legal trouble. Your business attorney can help you manage these issues and give you advice on how to best deal with them. Trying to dismiss these concerns without doing the proper investigations could result in further legal consequences for your company.
You can remain legally compliant if you take the necessary precautions to keep your business out of jeopardy. Being legally compliant is one of the best ways to ensure that your company stays running for the long term.
Author Info: Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber.