How Funding can Help a Small Business

Small businesses with limited cash often find themselves facing something of a conundrum. They need bigger premises, more staff, more equipment or more stock in order to take on new contracts, which will bring in lots of new revenue. However, before they can take on these contracts and generate this revenue, they need cash upfront to make all of the required improvements. The answer to this problem is funding, which can help to plug the financial shortfall.

A small business loan can help you to:

  • Employ talent. In many start-ups, there is one person trying to do everything by themselves. But to really thrive, your business needs specialists. For example, a marketing expert to properly promote your brand, or a sales consultant to help you bring home those big clients. While a loan isn’t usually used to pay someone’s wages, it can free up cash from other areas of spending (i.e. stock or equipment) that you can use to attract the talent you need to drive the business forward.
  • Buy equipment. If a new piece of equipment can help you double your productivity or vastly streamline tasks, this means far more revenue. Using funding to purchase it is a great idea, as the boost in revenue and productivity means it will pay for itself in no time.
  • Buy stock and fulfil more orders. If the potential is there to take on many new orders and contracts, but you’ll need a cash injection in order to buy the stock to fulfil these orders – it makes sense to use funding.
  • Move premises. Is your existing premises bursting at the seams? Would moving to a larger office space allow you to bring in more staff and equipment, to increase productivity and revenue? If the answer to either of these questions is yes, you can use funding to be able to afford the lease or purchase of a more suitable property.

Using funding to invest in these crucial areas of your business should soon start to show benefits, helping you to grow and expand your operation. However, it’s very important to be realistic, practical and cautious about how much you borrow and how fast you expand. Gradual and carefully considered expansion is often the best method to adopt.

Types of funding

There are several routes you can go down to secure the funding you need for any of the aforementioned goals. You can use an ordinary small business loan or consider cash advance loans – or even go down the crowd-funding route.

Before you start searching for funding, it’s important to sit down and assess exactly how much you need and what you need it for. An investor or funder will need to see precisely how the money will be spent, how it will help the business and how the money will be repaid.

In short, you need a solid plan in place for business growth. It may be a good idea to seek professional financial advice, and to take your time considering your options before applying for funding.

How to Maintain Safe Money Transfer Between Small Business Owners and Customers

Money makes the business world spin. Cash flows are the bloodstream of companies both big and small, and nobody wants to see it become clogged. With the current economic climate, where most people are still tightening their belts, it is important to account for an each penny, and a ballpark number does not suffice.

Even customers who live high off the hog want a safe and fast money transfer system. It can be easily established online, as the digital world offers countless opportunities to improve operations, cut the costs and reach a broader customer base. But, keeping the integrity of the payment service is linked with many security challenges and risks.

Safe money transfer

Playing hard, killing them softly

It is crucial to have a clean machine with powerful hardware and appropriate software platforms. Make good use of the latest security software solutions and up-to-date operating system and web browser. Several strong layers of defense can repel any malware, virus, cyber attack or other threat. Passwords should be long and strong, and encryption methods considered. Pay attention to Wi-Fi hotspots as well and never use an unsecure wireless network to make payments.

Backing-up

Apart from being protected, your data should also be backed-up. Losing valuable information is something that could happen in cases of hosting failure, hardware problems, hacker attacks and other unpredictable hazards. To prevent this, you can use external hard drives and other equipment, or cloud computing software. One of the most popular ones is Dropbox, and millions of content customers speak in favor of this option you can use for free or as a paid service.

Doing the research

Sending money overseas for international payments is a convenience, but also a process that can be hard to control. To keep your foreign transactions secure, you can work with an online exchange provider. However, doing a thorough, independent research beforehand is highly advisable. There are a lot of malicious sites that may appear legitimate, and customers should also have this in mind. These schemers want to trick you into submitting personal or financial information, so stay vigilant.

Embracing transparency

When you do not meet and see people you are doing business with, there are some serious trust issues present. Transparency is just as important as reliability, and providers that offer options for both the sender and receiver to track the money are to be trusted. So, educate your staff to use the internet in a safe and secure way, and to provide the necessary information to clients. A clear return policy is something that makes them feel safe, and the same goes for handy online tools and educational resources.

Choosing a safe payment options

Credit cards are one of the safest options, as they have a limit on the amount of money that needs to be paid if something goes wrong. The most popular online payment solution is perhaps PayPal, although it’s not available in all countries. Another option is to use an escrow method which introduces a neutral third party that holds and disburses money. This makes sure there are no ill-gotten gains or random losses due to imperfections in the system or human error. For example, PromisePay is one of those payment solutions that provides the escrow method.

Safe and sound

Conducting business online has never been easier, and there is no shortage of efficient and safe ways to go about it. Online payments are not taboo anymore, but one should be on the safe side here to prevent money loss and other inconveniences. Keeping the privacy of sensitive information is of the utmost importance, and it is always better to be safe than sorry.

It is crucial to find a payment system as sound as a dollar, and as safe as houses. Manage the risk associated with such transactions, see if you can find a reliable middleman, and deploy strategies and measures to thwart cyber threats. This is the best way to obtain loyal customers and to see your business flourishing. We all want our money to be in safe hands, don’t we?

6 Ways To Save Energy In The Office

In these environment-conscious times, ‘saving energy’ is one of the most-used catchphrases for reducing the demand for fossil fuel used to generate power. Not only will it help save the planet, but it will benefit your household budget as well. The same goes for your workplace, naturally, when you apply your home energy-saving habits to your place of work.

License: Creative Commons image source
License: Creative Commons image source

Here are a few suggestions.

Don’t Use More Light Than You Need.

You can use a desk lamp for your table instead of the overhead lights when alone in your work room, for instance.  Position your desk near windows so you can use the day’s natural light while it lasts: not only will it save you energy, but it is much healthier and pleasant to your eyes than artificial lighting. Use compact fluorescent lamps (CFLs) as much as possible: they use about 70% less energy than incandescent lighting. Switch off unneeded lighting, particularly in less-used areas such as storerooms and conference rooms.

Turn Off Equipment When Not Using It.

Switch off equipment such as printers, copiers and scanners not being used. It takes only a second to switch them on for use. Turn off computer monitors if you will be away for more than a few minutes like when going on a coffee or lunch break. Switch off even the computer itself if it will not be used for over an hour. Even a few watts saved each time may accumulate to a substantial amount after a while.

Similarly, unplug all power equipment at the end of the day and most importantly on weekends. Appliances on standby mode still use some power even when switched off but plugged to outlets.

Close the Drapes or Blinds

Do this when leaving for the day or weekend to conserve internal heat and reduce the amount of energy needed
to raise the temperature to comfortable levels for the next working day. Some rooms don’t require heating up or cooling down much such as storage rooms as they are infrequently used. Likewise, cooler or warmer corridors will discourage employees from loitering there, increasing work time.

Program your Thermostats

Make Sure the thermostats switch off during the night and switch on only a little time before the rooms are used. Remember, HVAC systems require about 150 times the power lighting systems need. Heating and cooling comprise about half the total energy bill in offices, so save on air conditioning power and you slice off a significant portion of your power bill.

Maintain Your Equipment Well

A dirty airconditioner or heater will work harder to produce the same amount of coolness, increasing power consumption. This principle applies to all mechanical devices or parts, such as those in printers and copiers. Scheduling maintenance fo
r them will ensure efficient performance from these machines.

Make Your Own Energy

Finally, to save energy, the best way is to install solar power generators to make use of free power. The initial investment will be paid off over time through savings on power bills and, if you generate more than your needs, you may even get paid for the power you plow back into the power grid.

So save energy in your workplace as much as you can. Who knows? Maybe management will share the savings with you via bonuses and other emoluments. Then you benefit direct.

About the Author: This article was written by Kim from MSE. Kim has been blogging for about 5 years and has loved every second. Apart from blogging Kim enjoys music and exercise. 

Four Ways To Spend Much Less On Your Small Business

An essential part of running a small business is constantly finding new ways to reduce costs, keeping spending to a minimum. Initially, you may be thinking that by spending less you will have to make sacrifices, damaging your business in the process. However, reducing spending does not always have to equate to a loss. Ultimately, removing unnecessary expenses in your small business will increase your budget, freeing up money that you can invest in other parts of your business.

License: Creative Commons image source
License: Creative Commons image source

Online Marketing

More often than not, marketing costs take up a huge amount of budget, particularly for small businesses that invest in offline methods such as direct mail. However, by simply switching or concentrating more on online marketing, you could save yourself a great deal of money, while targeting a much larger market. There are various ways you can market your business online, all of which are often low-cost and very effective. Essentially, you will be paying less for a more
successful method. You can start by creating a profile for your business on one of the many social media platforms. It is free and a great way of connecting to your customers while building up a strong following. Another idea to market your small business online is to start a blog that contains content related to your products or services.

Go Green, Go Paperless

Without realising it, a lot of money can be wasted away on paper through the sheer cost of ink, supplies and postage; not to mention the endless waste of paper. By eliminating the use of paper or even just minimising you can significantly reduce spending. Going digital is said to save a great deal of money, but not only that, it also creates a more organised working environment and is a lot more secure than having a paper trail. You can make the transition by opting for digital invoices, filing information on the computer and completely replace snail mail with email. As well as cutting spending you are
also helping the environment, which is always a positive thing.

Telephone and Web Conferencing

As a small business, spending large amounts of money on conferences, presentations and meetings really will make a significant dent in your budget, as there are a great deal of expenses involved, including travel and food. To reduce the costs, opting for a teleconference or web conference service is a great idea as you will spend a lot less for a good service than you ever would with face-to-face costs. Additionally, using such a service will allow you to connect to colleagues and clients globally.

IT Managed Service

As hiring an IT guy is a luxury to many small business, using managed services is proven to be a wise decision; you have access to IT expertise at a fraction of costs.

Managing Your Team

As your business develops so will your team, but it is essential that you manage this process carefully if you want to save money. Within a small business you need to ensure that you are regularly assessing your team’s productivity, making sure that most of your employees’ time is spent on value creating activities. Also, there are way
s that you can get the job done without having to hire an extra employee, including using interns and freelancers.

The 5 Best Budgeting Shortcuts For Small Businesses

If you have just purchased or opened a small business, you may know your trade well, but when it comes to budgeting, your skill set could be lacking. If you are like most small business owners, budgeting is your least favorite managerial task. That is because budgeting is not an exact science – especially during changing and challenging economic conditions. In fact, you may see your actual budget vary significantly from your planned budget during economic difficulties.

License: Creative Commons image source
License: Creative Commons image source

When there is a downturn, and you need to tighten your financial belt, you will need to re-evaluate your budget and make some changes. Read on for five simple tips that will help your small business put together a top-notch budget.

1. Emphasize Customer Service

During rough times, your business may not gain many new customers. In order to hold on to those you do have, you will need to provide excellent customer service. Outshine your competitors to retain the sales you already have after the economy improves.

2. Cut Costs

When times are tight and cash is needed to advertise, pay a crucial bill, or capitalize on an opportunity, cutting costs is essential. Take a look at which budget items can be controlled or altered – put off making purchases until the next billing cycle, or ask creditors for a change in payment terms.

3. Talk with Suppliers and Clients

When difficulties loom, talk with your company’s suppliers about renegotiating your credit terms If you have had a good relationship, chances are that the vendor will work with you to lower your minimum payments, adjust a due date or reduce your interest rate. At the same time, keep in contact with your own clients to ensure they pay you on time. Call any clients that have gotten behind on their invoices, and encourage them to get their accounts current. Consider offering a discount to clients for paying their bill in full now. Check your books and make sure you are billing all your clients in a timely manner.

4. Issue Employees Business Prepaid Credit Cards

Many small businesses allow some flexibility in what their managers, representatives and salespeople can charge to the company. Rein those costs in by providing your employees with business prepaid credit cards and establish some hard and fast rules about what they can be used for. Choose a plan that allows instant funding from your mobile device or computer when expenses come up, rather than depositing lump sums in advance that may tempt spending. Track the business prepaid credit cards through your computer or mobile device, to monitor how the funds are being spent.

5. Reduce Administrative Expenses

To keep your budget on track, slash your office expenses and administrative costs. Eliminate company travel and entertainment as much as possible. While it is smart to buy office supplies such as envelopes or toilet paper in bulk for maximum discounts when finances are good, when budgeting gets tight, only spend when absolutely necessary. Cut back or eliminate expense accounts, membership fees, lunches out, unnecessary services. Do your own maintenance and mow your company’s lawn yourself. Limit long distance telephone calls. Consider every possible way to cut corners and lower costs without seriously compromising your business. Request employee input into which expense areas could be reduced.

Bottom line – small business budgeting is a fairly easy but essential process that will allow you to forecast and match your current and future income and revenue to your monthly expenses. Ensure that enough money is available to keep your operation up and running, to expand, compete, and to guarantee a solid emergency fund.

About the Author: Marilyn Smith specializes in covering the latest news of interest to small business owners, including business prepaid cards.

10 Tips For Running A Successful Crowdfunding Campaign

Crowdfunding is a new vehicle for raising money for projects and business ventures. During 2012, $2.7 billion were raised employing the use of crowdfunding. This method of fundraising usually takes place over the Internet. Supporters that believe in projects can now respond to crowdfunding campaigns by donating to entrepreneurs’ and artists’ projects. The most popular crowdfunding sites are IndieGoGo, RocketHub, Kickstarter, GoFundMe, GiveForward, Crowdfunder and Crowdtilt. These sites represent only a small fraction of the crowdfunding sites in operation worldwide. It is estimated that there are currently about 308 active crowdfunding sites.

License: Creative Commons image source
License: Creative Commons image source

As banks have tightened restrictions for small business lending, crowdfunding is growing as a viable option for entrepreneurs. While this method for raising money has proven to provide a pathway to success for many, other entrepreneurs have not been successful utilizing crowdfunding platforms. It is important for participants interested in raising money in this manner to make their offer as appealing as possible. There is a lot of competition for donations.

Below are 10 tips learned along the way by both successful and unsuccessful participants.

1. Commit to the necessary time to prepare the best campaign possible. The more complete and clearly stated the campaign project is, the more likely it is that financial supporters will respond. It is not uncommon for an entrepreneur to spend weeks or even months preparing to launch a campaign.

2. Clearly state your financial goals and why the target amount needed is necessary. It is particularly important that monetary goals be justified for higher amounts. Be sure to give careful thought to the amount of money required so that you can intelligently answer questions that donors might have about how the money will be spent.

3. Use provocative videos and photos to sell the project. Videos have proven to be a compelling force for keeping the attention of viewers. With this fact in mind, a poorly produced video could backfire and make a negative impression. If you decide to produce a video, be sure you can make a quality product that looks professional. Being able to keep a person’s attention for two to four minutes is not as easy as it sounds. If you do not have the resources or talent to create a first-rate video, then be sure to place photos in the campaign information for full impact.

4. Test your campaign out on trusted friends and family members to get feedback before taking the campaign public. Use feedback to improve the campaign.

5. Keep your backers “in the know” by sending them updates about your progress on the campaign.

6. Get publicity for the campaign. Advertising or writing an article for a related blog is one good idea for getting some attention. Using social media is another way to create some buzz and get interested donors to check out your offering.

7. Give donors a valuable and memorable keepsake in thanks for donating.

8. Spend money on marketing. Buying an email list or hiring a PR expert can make all the difference in a campaign’s success. Donors must be aware of your campaign before they can give.

9. Get a budget together for starting and marketing the campaign to increase your odds for success.

10. Send out press releases.

About the Author: Adam Smith is currently blogging for Startup Valley. He loves to blog about different crowdfunding platforms and how to create an effective crowdfunding campaign.

Protecting Your Business: Important Considerations For Purchasing Liability Insurance

If you own a business, the costs of a lawsuit could cost you everything; in an effort to cut operating costs, many may fail to go without liability insurance, figuring their chances of being sued are low. But, in a world where frivolous claims and sue-happy people are rampant, it would be foolish to think you do not need that protection just in case. Here are some important considerations for purchasing this all-important protection for your business.

License: Creative Commons image source
License: Creative Commons image source

Look into Trade Association Memberships

In many instances, you can purchase products and services at a discounted rate through membership in some sort of organization. When it comes to liability insurance, belonging to a trade association relevant to your business may help you get better rates; this type of membership may also other benefits to your business so it is something worth considering regardless.

Look for a Broker that Specializes in Your Industry

Different industries have different needs when it comes to insurance and other types of products; they each also face unique challenges and have unique concerns. When shopping for liability insurance for your business, you should look for a broker that specializes in your industry. His knowledge of your type of of business and the risks it faces will help guide you in putting together the best policy to meet your needs at the best prices.

Examine Industry Settlements

When deciding on the proper amount of coverage, it is important to have an idea of what type of money you may be looking at should you get sued. Take a look at recent legal actions and settlements against businesses similar to yours. This will help you get an accurate estimate of how much money you would need to fully protect yourself.

Consider a Combination Policy

Liability insurance is not the only type of coverage a business should have. Maintaining separate policies will often result in paying more in premiums than you need to. But, when going this route, it is important to have a full understanding of what is included and what is not. These policies do not typically include all types of business insurance you are interested in purchasing. Examples of what is typically included besides general liability are property, business interruption and business vehicles.

Errors and omissions insurance, also called professional liability insurance, needs to be purchased separately. While general liability insurance is designed to cover things such as injury or property damage, this type of coverage is designed to protect against claims of professional negligence in which a customer believes your services caused them a financial loss.

Check Coverage Periodically

Your liability insurance is not just set it and forget it; as your business grows, it is important to carefully review your policy each year to see if any changes need to be made. After working so hard to build your business, you would not want to risk it because you failed to upgrade your coverage. If you feel you may need to make changes, contact your broker who can offer you sound advice.

About the Author: Kelli Cooper is a freelance writer who blogs about a variety of business topics; if you are in need of liability or other types of commercial insurance in Canada, she recommends you visit Kanetix.ca.

Choosing An Accountant For Your Small Business

Hiring a professional accountant for your small business is a smart investment that will pay off in the long run. Their professional expertise will guide you through some of the common financial pitfalls that businesses suffer from. As a result, you’ll have higher profits and more free time to focus on other aspects of your business. It’s important to note, however, that not all accountants are the same. To get the most benefit from their services, you’ll need to choose the one that’s right for you. Keep reading and we’ll reveal a simple method for choosing a small business accountant.

License: Image author owned
License: Image author owned

Before you can even think about hiring an accountant, you should identify the specific needs of your business. Some businesses may only require the services of an accountant during tax time, while others may need them for on-going work like payroll, invoices, check cashing, etc. Determine exactly what services you need and then start your search for an accountant.

Credentials

When it comes to your business’s financial documentation, you want a skilled and experienced accountant for the job. Allowing some inexperienced college student to perform your taxes or handle other accounting roles places the livelihood of your business at risk. Even the slightest mistake in your financial statements could result in disastrous consequences.

So, how do you know if an accountant is qualified to handle your small business? Check to see if they are designated Certified Public Accountants (CPA). This requires ongoing training and test taking in the accounting field. You can expect to pay a bit more for an actual CPA, but their experience and knowledge is something that every small business can benefit from. Don’t just take their word for it, but instead ask to see their credentials to ensure they are still registered as a CPA and have met all of the necessary prerequisites.

Experience and Background

In addition to their credentials, you should also perform a basic background check on their past experience and client reviews. Thanks to the expansion and reach of the internet, this has never been easier. Any reputable accountant should have a website with their past experience and education. Check to make sure it’s credible and professional. If there are any discrepancies, you may want to double check to see if they are correct.

Doing a simple Google search of the accountant’s name will likely reveal comments and reviews from past clients. See what people said about the accountant’s services. If the majority of comments are positive, then you know the accountant must be a pretty good choice. On the other hand, a long list of negative comments is a sign of trouble.

These are just a few of the many things you should consider when choosing an accountant for your small business. Take your time to compare the services offered by different accountants both online and in-person until you find the best match for the needs of your business. A services offered by a good accountant is something that’s well worth the investment.

About the Author: Alyssa is a content contributor for MyVAO.com. Alyssa enjoys writing about accounting advice, small business marketing, and much more. She recommends checking out MyVAO for all of your Quickbooks hosting needs.

How Important is Your Business Credit Score?

Business credit ratings have become more important over the last few years. While they have always been crucial to the success of a business, the recent financial crisis has made managing your business credit rating even more important. Your credit rating will now be used in almost every aspect of your business. Vendors, even ones you currently use, will now review your credit standing periodically to determine if they are going to continue offering you terms on your purchases.

Government agencies offering contract opportunities will now review your credit standings to determine if your company is qualified to complete the contract. They believe if your company has a less-than-perfect credit rating, you will be unable to make purchases necessary to complete the project.
Too Much Credit
How To Keep Your Business Credit In Good Shape

There are several things that you can do to improve your credit rating or keep your credit standing in good order. Many of these suggestions are also things you could do to manage your personal credit:

• Pay Invoices On Time Regardless of the “grace period” stated on many of your invoices, it is crucial to pay your bills on or before the original due date. While using the grace period may not negatively impact your credit score in a large way, each incident will have a small impact that will quickly impact your credit.
• Watch Balances You want to remain at 35 percent or less of your available credit balance to maintain a good score. While some credit scoring agencies will allow businesses to go up to 50 percent of available without a negative impact, you should try to remain in the 35 percent range. When your debt-to-credit ratio goes to high, the credit rating companies view you as a risk.
• Use Credit Repair Services Many times it takes a “different set of eyes” to see a problem in your finances. You may believe that everything you are doing should have a positive effect on your credit, but your score remains low. A professional agency using business credit repair software can help you manage your debts in a way that will improve your overall credit rating.
• Go To Auto Pay Bills that can be automatically deducted from your checking account each month should be enrolled in auto pay. This simplifies your bill paying process, guarantees your bills are paid on time, and helps you improve your credit rating with little effort.
• Overextension Is Bad Yes, it may seem like a great idea to have accounts established with every provider in your area under the pretense of always being able to get supplies, but this can also impact your credit. As more vendors pull your credit record before establishing an account, or randomly check your record while you are their client, the more inquiries are posted to your credit record. Just like personal credit reports, every time your credit report has an inquiry placed against it, your credit score will drop a few points. If you have an excessive amount of vendors, you could possibly have an excessive amount of inquiries.

Little steps like these can make a huge difference in the success of your company. Sadly, business owners involved with every other aspect of their company often forget how important managing their credit standing can be to their success.

Author Catherine Stephens is a small business consultant and offers this article to help college student avoid heavy debt load. DebtPayPro is one of the best providers of business credit repair software systems within the finance industry. These important tools will help your lender to determine eligibility and assist them in doing necessary common repetitive actions faster and more accurately, which is important when it comes to your financial history.

Photo credit: http://www.flickr.com/photos/andresrueda/3274955487/

Could Your Employee Medical Records Be Needed in Malpractice Lawsuits?

Most small business owners and other entrepreneurs never fully contemplate all of the issues that they’ll face once they start running their own business. Some of the most unforeseen outcomes are those related to the legal world. These issues can include liability insurance, personal injury claims and even environmental damage lawsuits. One legal issue that many business owners are likely to come across, however, is subpoenas for medical documents related to their employees. These are sometimes needed in medical malpractice lawsuits, and unfortunately, they can sometimes leave employers in a little legal trouble of their own.

medical records

Why Medical Records May Be Subpoenaed

There are numerous reasons why, in a medical malpractice lawsuit, an employer may be asked to hand over certain information about their employees medical health. The main reason, however, is to prove whether or not an employee had any illnesses or injuries before their medical mishap. Interestingly enough, several employee documents can help in these situations, including:

Employee insurance plans
Documentation related to sick days taken
Previous workers’ comp claims
Documentation of other issues at work

As previously mentioned, these documents can go towards showing whether a person had prior injuries or illnesses, and this can be vital during a medical malpractice suit. This type of suit, whether you consult a Montana lawyer or a Maryland medical malpractice attorney, must show that a doctor provided a sub-par level of care when compared to others in his field. In addition, this sub-par level of care must be what contributed to the harm that a patient received.

All of this simply means that even if a doctor was negligent in his level of care, he won’t have to pay compensation if he can prove that a patient was already having issues in relation to the alleged damage caused by the neglectful care. Similarly, these documents can go towards proving that an employee had been perfectly healthy before undergoing treatment from their doctor. In a medical malpractice suit, these records could be detrimental for either party to the suit.

When Employers May Disclose Info

Unfortunately, whenever parties of a medical malpractice suit decide to drag an employer into the mix, it puts that employer in danger of being held legally liable for certain acts as well. This usually makes it pertinent for an employer to get advice from a medical malpractice lawyer on what their rights and responsibilities are in this specific situation. Since these specialized attorneys work in this world every day, they know what may or may not get a business owner in trouble.

One major issue employers can run into is the Privacy Act of 1974. This law prohibits certain information from being disclosed about an employee short of having that employee consent to its release. This isn’t a problem when it’s the employee requesting the information, but when a medical institution instigates the request, this can lead to trouble. There are twelve exemptions that would require employers to disclose this information anyway, such as having a court order (not necessarily a subpoena), so it’s important to have someone knowledgeable about this specific area of law on hand.

Medical malpractice is a complex issue, and usually only experienced lawyers in the field know all of the system’s nuances. This means that even though an employer may never be a party to a medical malpractice suit, they should at least speak with an attorney who specializes in it. This will ensure that they avoid any liabilities in the sometimes likely event that they’re approached for these employee records. It can literally mean the difference between simply handing over a few documents and ending up in court themselves.

A former TV news writer, Ann Bailey posts these pointers for business owners regarding their employee medical records. The Maryland medical malpractice attorney group at Price Benowitz, LLP conscientiously represents victims of medical malpractice and is also able to advise employers about medical recording for personal injury claims.

Photo Credit: http://www.flickr.com/photos/buba69/2383197884/