With this kind of help, you can start to delve into and intellectual property protection. The amount of technical terminology that’s involved with these subjects can be a minefield to navigate, especially for beginners, and expert advice can go a long way.
Insurance and Liability
The first thing any business owner needs to do is make sure that their premises are insured. If you have a lot of I.T. equipment, product inventory, or any other valuable items, you could easily become a target for crime. By taking out contents insurance, you can safeguard against the possibility of any equipment being stolen or damaged. For those operating from home, it’s important to know that basic policies will not give adequate protection to businesses and you’ll need to take out additional cover.
If you employ anyone on your premises, you’ll have to take out employee liability cover in case someone is injured in the workplace and wishes to press charges. Any money you receive can help to pay for any legal fees if the claim goes to court as well as compensate you for a lack of earnings during this period. Likewise, if members of the public enter your premises, you’ll want to take out public liability insurance for similar situations.
Patents and Intellectual Property
The is one of the biggest threats small businesses face. Having the right type of intellectual property protection will ensure you have the exclusive rights to your inventions, including the branding and design that goes along with it. You should start by seeing if the same concept has been patented before by using the Intellectual Property Office website.
It’s highly recommended that you apply for a patent as soon as possible, as this will help to reduce the chance of another company coming up with a similar idea and beating you to the punch. By having a registered professional by your side, you can ensure that you’ve done all you can to protect your investments.