Understanding your business's commercial risk

 

The commercial risks that your business face can be in a number of forms.

  • Commercial risk can be financial in that your business’s cashflow could be affected by slow payment of your outstanding invoices
  • Commercial risk can be organisational in that you may lose key members of staff that your business relies on
  • Commercial risk can be your non-compliance of regulations or laws such as your responsibilities to the environment

Mitigation with insurance

You can protect your business against commercial risk to a degree with insurances. The commercial risk that bad debts or slow payments can bring to your business can be insured against. It is also possible to protect your business against other commercial risks such as staff leaving by ensuring your employee contracts are legal and binding.

What about compliance?

The compliance risk that your business faces is perhaps the most serious and potentially damaging of all the commercial risks you will take.

Here, the services of a business solicitor are invaluable. They can help you ensure all laws and regulations are complied with. This will dramatically reduce your commercial risk in this area.

Risk management is also a key component of your business. And as risk management nearly always has a legal component, having a business solicitor qualified in these areas of the law is an important member of your management team.

The commercial risk that your business faces can be manifold. Formalising how your business approaches and deals with commercial risk with a risk-management policy is often the best approach. Your business solicitor can help you draw up this document.

If you would like to obtain legal advice about commercial-risk management, Contact Law can put you in touch with a local specialist business / commercial solicitor free of charge. So, if you have any questions or would like our help in finding local business / commercial  solicitors please call us on 0800 1777 162 or complete the web-form above.

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