When running a service-based business like a psychology practice, managing risk is crucial to protect yourself and your clients.
Here are some important areas of risk management to keep in mind:
1. Administrative Processes
Having solid administrative processes in place can help prevent claims. For example, consider whether there are any systems storing sensitive data that all your staff have access to, or if your employees are in the habit of actioning client requests without written consent. Accurate record keeping and maintenance of records is vital.
2. Staying up-to-date
Staying up-to-date with legislation and regulations that impact your business is key. This includes laws that relate to how you conduct your business, pay your employees, and advertise your products.
3. Signing Contracts
When signing contracts, it's important to have a lawyer review them, particularly when it comes to clauses that may extend your liability beyond what would usually apply under the law.
4. Staff Recruitment and Training
Ensuring that qualifications are genuine when hiring for a role that requires a certain qualification is important, as is providing ongoing training for employees in areas such as compliance and awareness of cybercrime.
5. Advertising
Be careful with the way you advertise your business, as making unrealistic claims can be a source of risk.
6. Insurance
Finally, make sure your insurance stays up-to-date with any changes to your business, and that you have appropriate coverage to protect against any potential risks.
By following these, you can help protect your service-based business and provide peace of mind for yourself and your clients.
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