Savvy Tips & Helpful Hints

A Guide for Business Owners: How to Remain on the Right Side of the Law

If you want your business to succeed, you need to remain on the right side of the law. Should you ever be caught acting in an unlawful manner, your reputation will be tarnished, and your consumer base will find it hard to trust you going forward. For the sake of protecting your brand image, make sure you keep a clean nose at all times!

What with all the new rules and regulations that are constantly being imposed upon you by your governing authorities, it can be hard to perform this all-important task. Fortunately, we’re here to make life just a little bit easier for you in this instance.

Here’s a guide on everything you can do to remain on the right side of the law:

Take out employer’s liability insurance

Regardless of the size of your business or what field you operate in, if you employ one or more staff members, you are legally required to take out employer’s liability insurance. This policy will provide your employees with the cover, support, and protection they need to be able to claim compensation when they suffer a workplace accident.

More often than not, this type of cover will be included in most niche premium types, which means that you won’t have to go out of your way to take it out. All the best motor trade insurance providers, for example, provide employer’s liability cover as standard, which is great news for you if you own a business in the automobile industry. You won’t have to spend your working hours searching for comprehensive and cost-effective cover, which in turn will allow you to devote more time and effort to the all-important task of buying and selling vehicles.

Be careful with redundancies

As your market ebbs and flows, your company will inevitably face a number of ups and downs. Sometimes, you’ll find yourself scaling the pinnacle of your industry, while at other times, you’ll find yourself floundering at the bottom of it.

When you are forced to face times of hardship, you will have to consider letting some of your staff members go. This does not, however, mean that you can start handing redundancies out left, right, and center. If you’re to remain on the right side of the employment law, you have to ensure that you negotiate the redundancy procedure correctly.

To make one of your employees redundant, you need to prove that you no longer have any use for the services that they provide. What’s more, you cannot hire a new candidate to take on the role that you made redundant for a whole calendar year. If you do, prepare to be sued and prosecuted for unfair dismissal.

Do you want your business to reach the pinnacle of its industry? If you want to scale these lofty heights, it’s imperative that you remain on the right side of the law at all times. Put the above advice into practice, and you’ll be sure to do just that.

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