Legal obligations are a part of all businesses and at some stage and you will need to consult with the appropriate legal advisor.
Things to consider when starting a business will include engaging a solicitor/lawyer to help choose the right business structure for your business, advice on your taxation obligations, drafting terms and conditions, privacy policies etc and finding the best insurance for your business.
Other areas for a solicitor’s or lawyer’s advice include buying or selling a business, leasing a commercial property or drafting agreements and contracts.
Dispute resolutions sometimes get to the point where a solicitor/lawyer is used. Disputes with employees, customers and suppliers happen occasionally and it is preferable to resolve these matters in a timely manner as they can cut into productive work time, costing you money.
With litigation’s on the rise in Australia, now only second in the world to the USA, the need for small business insurances is worth considering.
All private businesses in Australia are required to have workers’ compensation insurance for their employees. Each state has their own legislation for worker’s compensation, which explains the levels of cover required. Worker’s compensation insurance covers costs incurred and provides compensation for employees who are injured in the workplace.
Worker’s compensation policies are issued through WorkCover in your state.
Public Liability Insurance
Public Liability Insurance is compulsory for all businesses, regardless of their size, industry type or business scope.
Public liability insurance covers the compensation to members of the public, who suffer an injury, damage to their property or death due to your business operations, whether at your place of business or elsewhere in Australia.
Consulting your legal advisor in the amount of which your indemnity will entail is advisable.
Professional Indemnity Insurance
Professional indemnity insurance covers you and those employed in your business for damages awarded against your business by a Court.
Professional indemnity insurance will also cover the legal advice and costs involved in defending claims against you.
Compulsory Third Party Insurance
All businesses that use commercial motor vehicles as part of their business operations are legally obliged to take out compulsory third party insurance.
It provides cover for injury to third parties in an accident where the driver of your business motor vehicle is at fault.