When you run a business, there are a series of laws you will have to follow to protect your business, your employees, and your customers. Independent and federal agencies are often tasked with enforcing these rules and regulations, and will review companies and industries as necessary. Being familiar with these agencies can help your business stay compliant.
CPSC
One agency you should be aware of is the Consumer Product Safety Commission (CPSC). This independent agency of the U.S. government is responsible for promoting the safety of consumer products and enforcing safety standards. They also address potential risks of injury from using certain products. Applying their regulations to your product research and development and manufacturing practices is important to stay in compliance. For instance, if you create children’s toys with small parts, you are required to disclose this information on your product packaging. All art materials must be reviewed and certified by a toxicologist to ensure their safety. In the event of a recall, you must disclose this information to consumers.
OSHA
The Occupational Safety and Health Administration (OSHA) is responsible for protecting the health and safety of employees. OSHA regulates workplace safety and what records you keep. It specifies rules that workplaces are required to follow across the country. When setting up your business or revisiting your policies, you should read OSHA requirements to make sure you are in conformance with the applicable regulations. You can be fined for violating OSHA, because you doing so jeopardizes the health and safety of all employees. Be aware too that small businesses have different OSHA requirements than larger corporations.
FTC
The Federal Trade Commission (FTC) was established to protect consumers from predatory or deceptive business practices. The FTC ensures that competition remains in the market by enforcing antitrust laws so that no corporation is allowed to completely dominate an industry. You should be aware of federal, state, and local business laws to make sure your business practices are legal. The FTC also reviews scams and cases of false advertising to help protect consumers. It will review proposed company mergers to ensure fairness and make sure that the price of goods does not rise because there is less competition.
Running a business requires following applicable laws and regulations enforced by independent and federal agencies. Following these regulations protects your business and keeps your consumers safe. Mistakes can cost you financially and can also cause you to lose your customer’s trust.
Read this next: How to Stay in Compliance With Workplace COVID-19 Regulations
