Top 3 Overlooked Compliance Requirements for Small Business
Most business owners want to sell their goods or service, make customers happen, and earn a listing.
If only it were that easy, right? Instead, business owners like you are up to their eyeballs in local, state, and federal regulations, laws, and requirements.
Unfortunately, you can get into trouble if you drop the proverbial ball on compliance.
I won't go on all day about compliance regulations, but don't overlook these 3 requirements most business owners overlook!
1) PCI (Payment Card Industry) Compliance
These standards exist to protect credit card users' data. Cybercriminals like to hit businesses here, so we need to ensure personal and financial security.
This applies to you if your business takes, stores, and/or processes cardholder information. Regardless of what size your business is, you must be PCI compliant.
Even if you're a small business, you need to perform quarterly scans, self-assessments, and correct/report any errors. If you skip out, you are non-compliant and will face penalties and fees.
Otherwise, it'll permanently damage your reputation when a security breach happens. When your customers hand over their payment, they are trusting you to protect their data. Once that trust is broken the damage has been done.
Many of our customers need help navigating the nitty-gritty details of PCI compliance. Snag a free consultation with me to develop a plan so penalties don’t bite you and your business on the backside.
2) HIPAA (Health Insurance Portability and Accountability Act) Compliance
Whew, that one's a mouthful.
HIPPAA is a collection of laws about using and disclosing protected health information (PHI). If your business deals with health information, you need physical, network, and process security procedures in place.
(Not your industry? Skip down to the next, and final, regulation.)
These provisions include physical and technological security requirements when securing patient data. Your business will fall into 1 of 2 categories:
1. Covered Entities
Think of healthcare or health insurance providers. Your business might collect, create, or transmit patient health information electronically.
2. Business Associates
This is the most common category. These companies encounter patient health information. This might be a billing company, accountants, or attorneys.
A wide array of businesses fall into this category because they may handle, transmit, or process patient health information in some way, shape, or form.
HIPPAA guidelines are complex and evolve over time, but you may still be required to comply. If you are non-compliant, your business faces financial and professional risk.
Give me a quick call at 817-677-0515 to see if you have the safeguards you need in place to be HIPPAA compliant.
3) State- Specific Compliance
Most business owners don't realize every state has different regulations for private businesses!
Depending on where you operate, this could include a laundry list of items from filing paperwork to operating agreements, permits, and more.
Beyond that, your business needs to be compliant in the states where your services or goods are accessible.
Did I lose you?
For instance! If you own a business based in Texas and sell online products to folks in California, you need to comply with data legislation in California.
The states stack up pretty quickly and so do the regulations!
It’s easy to overlook compliance requirements when you don’t even realize they exist. Schedule a free consultation and we'll map out a plan to identify and comply with them all!
