Don’t overlook these threats to your business.
While business owners are aware of and take steps to prevent common threats such as workplace injuries, theft, and data breach, there are many other risks that they tend to overlook. To ensure that a major issue doesn’t catch you by surprise, watch out for these commonly overlooked commercial threats.
- Copyright Infringement Lawsuits
The idea of copyright infringement doesn’t even cross the average business owner’s mind. However, this threat can have devastating consequences for your small business. If an employee or contractor working for your company uses copyrighted work to create business material, then your company can be held liable for infringement. This opens up the possibility of a major lawsuit and settlement, which will cost your business time and money. If you do not want to leave your business vulnerable to this risk, then make sure you implement company guidelines for sourcing visual materials. Additionally, having commercial property and liability insurance will also protect you from the costs of a copyright lawsuit.
- Worker Misclassifications
Small businesses often run into problems when it comes to labor laws and payroll taxes. For instance, they do not know how to properly classify and document interns and independent contractors. This can lead to issues with the Internal Revenue Service (IRS), state tax departments, the Department of Labor, and workers compensation laws. These mistakes can result in hefty fines. To ensure that you are using the correct worker classification codes and documentation, work with an experienced commercial insurance expert or lawyer.
- Poorly Managed Social Media
As more and more businesses explore the marketing possibilities offered by social media, they need to watch out for the reputational harm caused by letting an unqualified employee handle their online personas. To protect your business’s reputation, set guidelines for your company’s social media use, and carefully review all scheduled posts to ensure that the content is on-brand.
Keep an eye out for these commonly forgotten business risks. Want to secure comprehensive protection for your business? Then secure commercial insurance from the experts at Weaver & Associates in Arcadia, California. We are ready to assist you with all your insurance needs today.