Tuesday, March 14, 2017

Are You Putting Your Business At Risk?

As an entrepreneur, your company is a hugely important part of your life. It's your baby, your passion, and your livelihood. Throughout your business' lifespan (especially during its early years) you will dedicate considerable time, energy, and resources to ensuring its success. The last thing you'll want is to do anything that would put your company at risk. Unfortunately, from a legal liability perspective, putting your business at risk may sometimes be easier than you realize.


A variety of potential legal pitfalls await business owners. Today, our Lake of the Ozarks business attorney is here to examine a few examples of the different risks you may face and the legally compromising situations you could be putting your business in (without even realizing it).

Premises Liability

As a business owner, you care about the safety of your customers while they are on your property. It is wise to purchase property liability insurance to protect yourself financially from any claims an injured customer may pursue. If you do not purchase premises liability insurance, you could face serious implications in the event that someone were to slip and fall on your company's property.

Workers' Compensation

Missouri law requires companies with five or more employees (or fewer in certain industries) to purchase workers' compensation - a type of insurance that is specifically designed to cover the medical expenses, lost wages, and other damages an employee may incur if they are injured while working. These injuries may include both random accidents (such as falling off of a ladder) and repetitive stress injuries (such as carpal tunnel from too much computer/desk work). If you do not purchase the required workers' compensation insurance, you may be required to pay for the cost of your injured worker's damages out-of-pocket. You may also face legal consequences for not purchasing the required insurance.

Copyright Issues

Copyright law is technical and complex, but it is something that all entrepreneurs should become at least generally familiar with. Marketing is the main area that poses potential copyright issues. As you write promotional pieces for your business, it is essential that you compose everything yourself - do not borrow ideas from competing businesses. As you manage your company's social media campaign, it is equally essential that you do not use random images you find online. Images that pop up in a Google search are not allowed to be used by whomever finds them. The only way to be completely confident you can use an online image is to explicitly purchase it from a royalty-free site.

Employees

The quality of the employees on staff is often directly related to a company's overall success. The value of having hard-working, self-motivating, loyal employees on staff speaks for itself, but unfortunately, finding quality employees is sometimes easier said than done. Regardless, taking the time to find the right employee for your company is essential if you are to succeed. It is also important that you not hesitate to terminate an employee who may be holding your company back or exposing your company to unnecessary risk. 

Not Having A Business Attorney

Even the most successful businesses have legal needs. Whether you must react to an external issue or proactively ward off potential issues, having an experienced small business lawyer on your side can make a world of difference. Your business attorney can provide the legal counsel you need to make smart, informed decisions every step of the way. 

If you are looking for a business attorney in central Missouri, we would be honored to speak with you. Our business lawyer in Osage Beach MO has experience working with both large and small companies in a variety of business sectors. Contact us at (573) 552-0317 to schedule your initial consultation today.


We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


The choice of a lawyer is an important decision and should not be based solely on advertising.

Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065

No comments:

Post a Comment