There are so many details to consider when you’re launching your start up or small business. It’s easy to overlook many of them in the hustle and hurry to get your company up and running. The day-to-day work of your business keeps you plenty busy, which doesn’t leave much time for considering risk management or the legal hazards you may face. Despite the time-zapping challenge of the daily grind to keep your business growing, you shouldn’t neglect the necessary step of ensuring your company is protected when it comes to insurance and legal matters.
First Things First
If you haven’t taken out an insurance policy on your business, start with first things first. Small business owners need to have adequate insurance protection to cover them in the event of a lawsuit. The type of insurance coverage you take out will depend on the type of business you’re running as well as other particular circumstances, such as whether you have a physical storefront or you operate chiefly in an online environment. The nature of your product or service will also determine the type of coverage.
Because insurance can be quite complicated and also because it can be difficult to nearly impossible for you as a small business owner to foresee all the potential risks you may face in doing business, your best bet is to consult with a qualified small business insurance professional. Forbes offers an article listing the 13 types of insurance a small business owner should have.
All Businesses Need Legal Protection
No matter how small your business may be, or how fledgling your start up is at this point in time, legal protection is a matter that can’t and shouldn’t be left on the back burner or delegated to your future to-do list. Just like insurance, ensuring that you have adequate legal protection is one of those necessary steps to protect your business in the event of any unforeseen events that could put you in the justice system unexpectedly. The last thing you want is to be scrambling to find an attorney when you don’t even have any point of reference.
When you’re searching for an attorney to help guide you in your business, ensure that the one you choose has experience dealing with matters that concern small business owners on a daily basis. You can do this by asking for recommendations or doing research online. See how active your potential lawyer is in terms of small business topics like bankruptcy and finance. For example, attorney Suzzanne Uhland has a series of articles online explaining these topics for small business owners. You can learn about potential attorneys through their websites and get a feel for their expertise.
Knowing When You Need a Lawyer
While it’s true that there are some issues in your business that you can certainly handle without the professional expertise of an attorney, there are others that should definitely never be left to chance. The small business section of the website Find Law has an article that pinpoints several key areas in which any small business owner would be well advised to seek out a business lawyer. While some of these areas are most likely obvious to the average entrepreneur, such as lawsuits being filed against your company by current or former employees, or local authorities conducting investigations into your business, others are more obscure, such as negotiating the sale of your company or the acquisition of another.
When it comes to risk management for your small business, don’t leave any detail to chance. Consult with professionals who can assist you so that you can ensure your company’s success for many years to come. With the right attorney, you have the protection you need to face the challenges of the modern business world.