When you run a small business, it’s imperative you protect it. There are a lot of things which can go wrong in business through no fault of your own. From professional negligence to issues with customers, it’s important to make sure you’re protected if the worst should happen.
Here, we’ll look at how you can protect yourself against the perils of business and how to approach an issue if it does crop up.
Customer facing issues
If you provide products or services to the public, there’s a lot of things which could go wrong. From issues with payments to potential claims made against you, it’s important to protect the business against the numerous customer facing issues that can crop up.
Firstly, you should have a clear and simple refund and returns policy in place. This should set out how long the customer has to return an item and claim a refund. If the product isn’t faulty, you aren’t under a legal obligation to provide a refund. However, many companies do as a symbol of good faith.
You’ll also want to ensure you have adequate insurance in place. This will protect you in case a customer suffers an accident or injury on your premises.
Professional negligence issues
Whether you’ve been ripped off by shoddy builders, or you’ve received damaging advice from accountants or solicitors, it is possible to seek justice. While it doesn’t happen often, professional negligence can cost your business a substantial amount of money.
It can be difficult to prevent professional negligence, but you can reduce your chances of experiencing it by choosing reliable professionals. You should always do your research to check the reputation of a professional before hiring them. The internet has made it easy to find out which professionals are considered the best in the field.
However, you can’t always prevent it so if you are a victim of professional negligence, it’s worth being aware that you can make a claim.
Protecting yourself against theft and fire
Small businesses are at risk of fire and theft and unfortunately this isn’t always covered in your insurance policy. You’ll often have to take out a separate fire and theft policy. So, start by making sure whether or not your existing insurance policy covers fire and theft. If not, it’s a good idea to take out additional cover to ensure if the worst does happen, you’ll be fully protected.
These are just some of the ways you can protect your small business. It’s important to consider the legal aspects to avoid losing large sums of money. Without the right legal protection in place, you could find your business is at serious risk.