Viewing entries tagged business emergencies

When Bad Things Happen to Good Businesses

Posted by Super User
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on Thursday, 06 March 2014
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planSeven Tips to Help Your Business Plan for the Unexpected

No matter how well-intentioned one is when starting a business, there will be days when things do not go as planned. Sometimes, problems arise that may be unexpected such as a workplace accident, frivolous lawsuit, or natural disaster, and it’s often how well a company has planned for adversity that determines a company’s future.

Here are a few tips to help you prepare for the unexpected:

1. Ensure that your company is properly set up for the type of business you intend to do. Spend time determining what type of entity your company should be, and be certain that if your future plans include expansion that you will be able to accommodate growth to additional jurisdictions or countries.

2. Be properly insured for your type of business. Certainly, there are specific statutory requirements, such as Worker’s Compensation Insurance, but you should also have a professional provide you with an opinion as to what other insurance you should require. Also, don’t forget to check any insurance requirements that your customers may have of your company. This can be especially important should you plan on performing work on your customers’ premises, or should any supply agreement you enter into with a customer include an indemnity clause.

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