by Jerry Mooney
If you are running a business in any kind of industry, it is important that you focus on what is important for your future; your assets and your reputation. Legal challenges might arise from anywhere, and they can cause not only disruption, but also make you lose your most important business partners and your clients. It makes sense to be prepared for legal issues and prevent them as much as possible by conducting thorough risk assessments. First and foremost, you should have a legal representative at hand who will be able to help you through any legal disputes that you may face. Next, you need to make sure that you are aware of potential threats that your business may face so you can avoid them at all costs!
Wrongful Dismissal
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If you are employing staff in your business, it is important that you take care of your human resources and put policies in place to avoid this type of claim. You need to have a clear workplace assessment and disciplinary policy in place, so you can make sure that people are not taking advantage of the gray areas. You might need to consult with an HR expert to make sure that you are covered.
Discrimination
Another issue that is hitting businesses all over the world is discrimination. As a business owner, it is your responsibility to prevent this from happening and make sure that you are able to enforce policies. You will need to have a system in place to record employee performance and treat everyone equally by subjecting them to the same training, procedures, and assessments. If you fail to address equality and diversity at the workplace, you might end up with a costly court case.
Personal Injury
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Preventing accidents and injuries at the workplace is also an important area you need to focus on. Having a health and safety training schedule in place and appointing representatives and first aiders is important for every business. However, it is also your responsibility to train your staff to keep the public safe. For example, if you run a delivery firm, you might want to enroll your staff to fleet training so they can address risks accordingly.
Copyright Infringement
If you invest in research and development, and are in a technology-driven industry, you will need to make sure that you have your copyrights and patents covered. You will need to talk to a copyright expert to find out whether there are brand names and inventions similar to yours already registered. Copyright infringement cases can damage your reputation and cost you tens of thousands, even more.
Non-compliance
It is important that you regularly review the regulations and requirements related to your industry and your expertise. A legal malpractice case can go on for long years and hang over your head. You might, for example, be charged with negligence if you don’t follow the standard procedures described by your local or regional government. An investigation of your company’s practices will itself reduce your share price and break the trusting relationship with your stakeholders. You can find a few examples of investigations at www.walkuplawoffice.com involving not following the risk assessment procedures.
There are several reasons why companies’ reputation can be damaged overnight. An accident at the workplace, ethical issues, non-compliance, and various employee claims can make you lose your market share and even your business.
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