What Do Small Businesses and Nonprofits Need Protection From?

As a business owner or nonprofit organization, it is important to be aware of the many threats that exist, both internally and externally. From data breaches to employee lawsuits, there are a multitude of potential risks that can have a serious impact on your business. 

By taking steps to protect your business, you can help to safeguard your employees, customers, brand image, intellectual property, and bottom line.The best way to protect all of these things is to have a legal team in place.

Why does your company or nonprofit need a legal team?

A legal team can help you protect your company in many different ways. First, a legal team can help you trademark your company’s name and logo. This will prevent other companies from using your name or logo without your permission. 

Second, a legal team can help you draft contracts. These contracts can be used with suppliers, customers, employees, and independent contractors. Having well-drafted contracts in place will help prevent misunderstandings and disputes down the road. 

Third, a legal team can help you resolve disputes that do arise. Whether it is a dispute with another company or an employee, a legal team can help you reach a resolution that is in the best interest of your company. 

Finally, a legal team can help you comply with the law. There are many laws that apply to businesses, such as employment law, environmental law, and consumer protection law. A legal team can help make sure that your business is in compliance with all applicable laws. 

To learn more, read Why Your Business Needs General Counsel.

What Do Small Businesses and Nonprofits Need Protection For?

Changes in the Legal Landscape for Small Businesses and Nonprofits

As your small business or nonprofit grows, it is important to stay up-to-date on legal developments that could impact your organization. This includes changes to laws and regulations, as well as court decisions that could set precedents for how similar cases are handled in the future. By keeping abreast of these developments, you can make sure your business or nonprofit is in compliance with the law and minimizes its exposure to risk.

Protecting Your Intellectual Property

Intellectual property includes things like your company’s name, logo, and slogan. It also includes any invention, design, or process that is unique to your company. If you do not protect your intellectual property, someone else could steal it and use it for their own gain. That could cost you a lot of money in lost sales, damage to your reputation, and legal fees.

Implementing Policies and Procedures to Reduce Risk

Another important step in protecting your small business or nonprofit is to implement policies and procedures that will help reduce risk. This might include developing a code of conduct for employees, establishing procedures for handling sensitive information, or creating a plan for responding to a data breach. By taking these precautions, you can help reduce the likelihood of an incident occurring and minimize the damage if one does occur.

Conducting Regular Risk Assessments

In addition to implementing policies and procedures to reduce risk, it is also important to conduct regular risk assessments. This will help you identify any potential threats to your organization, such as a change in the law that could create liability for your business or a new competitor that could siphon off customers. By identifying these risks early, you can take steps to mitigate them before they cause serious harm to your small business or nonprofit.

Securing Adequate Insurance Coverage

Another important step in protecting your small business or nonprofit is to make sure you have adequate insurance coverage. This will help cover the costs of a lawsuit or other unforeseen incident, such as a natural disaster. Make sure to work with an experienced insurance agent to make sure you have the right coverage in place to protect your organization.

Conclusion

So, what do small businesses and nonprofits need protection from? The short answer is a lot. But by implementing policies and procedures, conducting regular risk assessments, and securing adequate insurance coverage, you can help protect your company or organization from many of the risks posed by today’s legal landscape. If you would like more information on working with a small business or nonprofit attorney, please schedule a Quick Question Legal Session.