Working for yourself can bring flexibility and freedoms that employed individuals do not have - however, there are a number of commercial considerations that should be taken into account before making the decision to start your own business.
When you run your own business, it will usually be a good idea to take out business insurance. This can provide financial safety should your business suffer from loss due to an unforeseen event. There are many different types of business insurance, ranging from legal liability and employee-related risks through to property damage.
Which insurance you choose to take out will be determined by your income, your budget, your business forecast, the type of business you run, potential risk factors and the type of environment that the business operates in.
We have a carefully chosen panel of specialist insurers that we can refer you to who can provide competitive tailored packages, ensuring that your business is covered at all times and providing you with confidence that you have the right professional support to fall back on should the need arise.
It can be an exciting time for any business when you expand and look to take on your first member of staff.
However, there are a number of important issues that you must consider and implement to ensure that you are meeting your legal obligations as an employer.
There are 7 things you need to do when employing staff for the first time.
We can provide detailed guidance on these issues ensuring that you remain compliant at all times.
Regulatory compliance has many different definitions depending on what industry you are applying the policies to. Broadly speaking, compliance means integrating standards that follow specific requirements. Regulatory compliance is the regulations a company must follow to meet specific requirements.
Regulatory compliance is often set out by professional bodies and government. Many professions receive regular visits from their professional regulator to ensure that the business is following the correct professional standard and service. Failure to follow the correct regulatory framework can often lead to heavy financial penalties for non-compliance.
It is good practice to include a staff hand book and training manual for reference to ensure that all staff are aware and trained to an appropriate level. This will help to ensure that your business is complying with its obligations.