Businesses routinely take steps to protect their liability from a variety of risks, such as flooding, arson, or theft. As a small business especially, there are so many risks that you or your customers can face and it is important that you are ready to do what you can to minimize any impact. We are sharing our top 4 tips to help your business get prepared.
What is Liability?
Liability is when you, as a business owner, become financially responsible for an event that occurred on your premises or as a result of something your business failed to do.
These events can range from accidents to employee error. These types of claims could arise from members of the public, in the same way, that someone might make a personal injury claim if they slipped and fell while in your store, for example. It is important that you have procedures in place to correctly document any of these circumstances and of course, be prepared to ultimately face legal repercussions if something does go terribly wrong.
Depending on what type of business you are, even your employees could be at risk on your premises, and it is important to protect them with the correct training such as health and safety procedures.
How to Protect Your Business from Liability
There’s no doubt that there are clearly several threads to businesses in this day and age. It’s important that you ensure that you comply with all of your local regulations and take a strategic approach to protecting your business. With this in mind, here are 4 steps to work towards protecting your business from liability:
1. Take Out Business Insurance
The right type of business insurance can protect your company from a variety of claims. If you’re forced to close due to local trading restrictions, for example, insurance could enable you to access financial payouts, which will prevent your cash flow from being disrupted.
If you want to secure business protection from claims, be sure to scour the market for the best insurance policies. A personalized approach ensures you can access the type of cover you need tailored to suit your business, you can opt for budget-friendly policies that match your needs and give your business the protection it requires.
2. Protection For Personal Injury
This one may seem obvious, but when planning ahead it’s essential that you ensure you consider this. Employees, customers, or even visitors can easily be injured on your property through so many different scenarios. When you are exploring options for protection ensure that you are covered for an injury claim as these types of accidents are usually those that no one is expecting.
3. Have A Structure In Place
Depending on the nature and scale of your business, this may not be something that you have considered. As a small business, you will want to ensure a structure is in place from the offset. What do you do when there is an emergency, and you may become liable for something? Do you have all your paperwork in order?
When expanding your work force and gaining new employees, it is incredibly important that they are also aware of the steps in place to protect them and others.
4. Health and Safety
If you are starting up in a new property you should consider getting a health and safety advisor to visit and highlight any potential risks. These risks will then have to be adequately sign posted and addressed to ensure that you are complying with your local regulations. Having a professional come in and do the job from the outset will help you keep peace of mind and know of any physical property related issues you may be liable for. Addressing these from the beginning could stop any major accidents from occurring.
All business has something that they are liable for. As long as you ensure that you’re protected and do what you can to minimize risk to all parties involved in your business, including yourself then you are on the right path to protecting your business from liability in 2021. These 4 tips just touch the surface, but they are a great place for you to start.
