Top Compliance Tips to Help You Set Up Your Start-up in The 4IR Era
February 19, 2020
“The best way to predict the future is to create it.” – Peter Drucker
Entrepreneurship is an incredible way to develop, launch, and grow a new product using the latest technologies as defined by the Fourth Industrial Revolution (4IR, Industry 4.0). This point is highlighted by the quotation mentioned above by Peter Drucker.
However, because of the rapid and continuous development of 4IR technologies, it is vital to ensure that the legal procedures, especially regarding the Personal Injury or Tort law, are in place as part of the start-up process before hiring employees and starting product development.
The Fourth Industrial Revolution / 4IR / Industry 4.0: A comprehensive definition
Before we look at what documentation is required from a business perspective, let’s have a quick look at a definition of the Fourth Industrial Revolution and its origins.
Devon McGinnis in his article titled, “What is the Fourth Industrial Revolution,” highlights the point that Industry 4.0 “is a way of describing the blurring of boundaries between the physical, digital, and biological worlds.”
Additionally, he goes on to state that 4IR is an amalgamation of progressions in artificial intelligence (AI) and machine learning, robotics, the Internet of Things (IoT), 3D printing, genetic engineering, and quantum computing.
What to do to ensure your start-up is compliant with the state and federal legal necessities
It is essential to ensure that your legal documentation, including Personal Injury Insurance, Workers Compensation Insurance, safety certificates, and industry-specific certifications are up to date.
At this juncture, it is vital to note that many of the required insurances, certificates, and other legal documents are state and industry-specific. Therefore, the question that begs is how to determine which legal documents your business requires.
The best way to answer this question is to cite a case study involving a Personal Injury claim by an employee or visitor to your business premises.
For argument’s sake, let’s assume that there is a slip-and-fall accident in your factory. Even though you have complied with all of the safety regulations expected of you, accidents can still happen. And, you run the risk of a personal injury claim being filed against your company. Consequently, should you be held liable for the accident, paying the damages out of your own pocket could push your business into liquidation.
Thus, the best person to speak to prevent losing your business as a consequence of being sued by a slip-and-fall accident victim is a personal injury attorney. And, it’s best to consult with the lawyer while your business is still in the start-up process, to put measures into place to provide for these circumstances.
A substantial amount of thought needs to go into the ensuring that the necessary legal requirements are met timeously, based on the type and location of your new business. It is vital not to cut corners in this regard; otherwise, as described above, you could end up losing your business before it starts generating an income.