What You Need to Know About Business Law

​If you are finally launching your dream business, first know that there are plenty of required preparation that needs to get done. Aside from funds and brainstorming on a business plan, keeping in mind the prevailing business laws can significantly affect your business when neglected. Read on further for a few ideas.

1. Business licenses
   You can’t start your business without a business license. You can call the local city government and inquire about the needed requirements. Having a business license is essential because it permits companies or individuals to build one within the geographical jurisdiction of the government. You can also do more thorough research online for state and federal licensing. 
   
   
2. Fair Labor Standards Act
   The (FLSA) is an act made in 1938. It establishes a minimum wage, requirements for record-keeping, banning of child labor, and overtime pay for a “time-and-a-half” when employees work more than forty hours within a week. Complying with all the FLSA’s regulations is a must before starting a business.
   
   
3. Federal Equal Employment Opportunity laws
   This act of 1972 gives the authority to the Equal Employment Opportunity Commission (EEOC) to sue when it discovers reasonable cases of discrimination of employment. It can be based on race, sex, religion, national origin, or religion. Other than that, the act protects PWD’s (persons with disabilities) and fight for equal rights on pay when it comes to genders.
   
   
4. Family and Medical Leave Act
   This act allows eligible employees under covered employees to have an unpaid and protected leave for any medical reasons. However, this will have to be under the continuation of the coverage of group health insurance with the same conditions and terms. This act can give up to 12 weeks of unpaid, job-protected leave to employees every year.
   
   
5. Occupational Safety and Health Act
   The Occupational Safety and Health act encourages safer work environments and conditions. The law established the OSHA (Occupational Safety and Health Administration) to do inspections and set particular standards in specific job sites. It approves job safety standards for both private and public workers.
   
   
6. Workers’ compensation
   It is known as a system that provides monetary benefits to employees or workers that have been injured or disabled due to occupational hazards and risks. Workers’ compensation is the type of insurance that offers a salary for the injuries and damages gained from their workplace. This is sometimes used as a mandatory relinquishment exchange of an employees right to sue those of higher positions for negligence.

Having your own business will require you to abide by the mentioned laws above. However, acquiring business insurance can be of help, too. It protects businesses from losses in expenditures that may happen during regular business hours. Evaluate the potential risks and what insurance plan you need for your business.

At CSIS Insurance Services, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.