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Three Common Business Practices That Increase Liability

Three Common Business Practices That Increase LiabilityRunning a small business is difficult. It takes careful planning and action to make sure everything runs smoothly. It’s also important to keep an eye out for risky business practices that can increase your liability exposure.

According to an article in Insure On, running a business is tricky, so here are three risky businesses practices and how to avoid them.

  1. Taking on unfamiliar tasks. As a business owner, you might think to take on tasks that you might be unsuited to do so to be in charge. This can cause a lot of damage. To reduce the risk, take control of your business and delegate tasks that you know are outside your knowledge. Being a leader is great, but let the professionals and those you hire, handle the rest. It’s important to transfer responsibility unto to others.
  1. Ignoring regulations. When starting out in a new business, most owners aren’t aware of the regulations related to the Fair Labor Standards Act, which basically covers wage and hour issues. Although unintentional, violations of the FLSA can cause serious problems brought to the Department of Labor. This takes a lot of time and money to fix but can be avoided. Make sure to research regulations related to your field in business and comply with them.
  1. Not carrying insurance. All businesses need small business insurance regardless if you’re new or not. You probably need everything from General Liability Insurance to Workers’ Comp Insurance to protect yourself from any injuries or mistakes. Talk to an attorney to make sure you know what policies impact your business and the kind of coverage you are getting.

At Associated Specialty Insurance Agency, we can help you provide your small business clients with affordable solutions that meet their insurance needs. We also understand that small business make up the fabric of our communities and know what it takes to keep costs in line as the businesses grow. We can help you provide the quality of service that distinguishes you from your competitors. For more information, call us today at 866.679.7457.

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