policy
1. Politics: (1) The basic principles by which a government is guided. (2) The declared objectives that a government or party seeks to achieve and preserve in the interest of national community. See also public policy.
2. Insurance: The formal contract issued by an insurer that contains terms and conditions of the insurance cover and serves as its legal evidence.
3. Management: The set of basic principles and associated guidelines, formulated and enforced by the governing body of an organization, to direct and limit its actions in pursuit of long-term goals. See also corporate policy.
Usage Example
Business owners/managers should always protect their interests by having a written dress code policy, otherwise the business might suffer.
Source: How Small Business Culture Can Create Success
