Small businesses today face a range of ongoing challenges that can be daunting to even the most seasoned business person. From ethical issues to financial and resource management to increased competition due to technology, business owners are constantly weighing options and making decisions.
Some of the most common areas businesses must manage well include legal, insurance and every day services like phone and Internet. Fortunately, there are affordable and cost-effective options to help business owners get the protections they need to cover their growing enterprises.
Legal
Small businesses encounter many legal issues from incorporation to employment law compliance to contracts. They may not always have resources to retain a business lawyer, so The U.S. Small Business Administration provides information about legal resources for small businesses such as finding and hiring a lawyer, legal help on the Internet and a guide to contracts. They also have resources to help understand legal fees and expenses, how to negotiate legal fees and how to get a fee agreement in writing.
Small business owners can get economical legal information and assistance with services like Rocket Lawyer on Call, a subscription legal plan service. Services like this provide ongoing legal help with issues like incorporation, business organization, patents, copyright, contracts and intellectual property at affordable prices so small businesses get the legal advice and protections they need with more predictable expenses.
Insurance
Providing health insurance is more challenging than ever for small businesses with limited resources. But, benefit offerings are important in attracting and keeping good employees. Employers don’t have to pay for 100 percent of health insurance premiums, and have some options for saving money with health insurance. High-deductible plans, wellness components and health savings accounts all bring premium costs down while still allowing employers to offer benefits.
The Small Business Administration recommends discussing your business insurance needs with an insurance professional. Furthermore, discussing it with your business attorney can give you an additional perspective about where you need protections.
Some common business insurance policies include:
• General liability insurance covers accidents, injuries and claims of negligence associated with a physical place of business, and may not be necessary if you only provide intellectual property such as writing or advertising services.
• Product liability insurance protects manufacturers against defective products that cause injury or bodily harm.
• Commercial property insurance protects your business from loss due to things like fire, vandalism and other damaging situations that can happen to a business office, factory or storage buildings.
Phone and Internet Service
Phone and Internet access and availability are vital to business success for work such as internal operations and external communications with customers, vendors and service providers. An increasingly mobile business model and workforce means smartphones also are part of day-to-day operations for business principles and staff like salespeople.
With daily business being accessed and transacted over the phone and Internet, the cost of smartphones and data plans can be costly. However, many providers now are offering small business phone plans like T-Mobile’s Simple Choice Plan. This helps small businesses get the tech they need at affordable rates without the restrictions of contracts or upgrade policies.
