Legal Issues of Running a Business
Starting up your own collectibles or memorabilia business can be fraught with legal issues that many small business owners aren’t even aware of when they initially start out. One of the most important aspects of getting your business set up is that from the offset you are legally covered for all eventualities. Running a business can at times be financially and emotionally draining, so making sure your legal rights are in place and that you’re aware of them can remove some of the stress of starting out.
Health and Safety ComplianceOne of the most crucial areas of a business that retailers must consider is that they are abiding by local health and safety laws. The Health & Safety act is in place not only to protect your customers, but also to safeguard you against any lawsuits or court actions against you. The UK Health and Safety at Work Act 1974 is the governing act for business owners in the UK and if you employ five or more staff members, you must have a written health and safety policy in place. Always ensure that you’ve trained your staff in health and safety duties and if possible display the health and safety law poster in the workplace. Many small businesses will ensure they have someone to advise them on how they can successfully meet their health and safety requirements in their business. You can seek advice from an external consultant if you wish, or simply use someone within your business who has this expertise already.
Different Types of Insurance When Running a BusinessThere is simply no way to avoid insurance when you’re looking to set up a small collectibles business. There are often optional insurances available, such as contents insurance and when you have stock that is valuable, as memorabilia often is, it’s advisable to take out contents insurance where possible. You will also need to take out certain types of insurance by law, in particular, Employers’ Liability Compulsory Insurance. This is the certificate you’ll often see displayed in businesses and it’s one of the most crucial legal areas that needs to be covered when you have your own business.
Employers’ Liability Insurance will protect your business against claims from any employees such as sickness of accident claims that they state have arisen from the workplace. You may also want to consider Public Liability Insurance as this will protect you against claims from the public. If you have people on your premises, you need to insure that if anything happens to them there, they aren’t able to sue you or claim against you. Public Liability Insurance will protect you in these cases and is well worth considering.