The legal liabilities that a business will have to face can be an immense risk to both the owner and the enterprise. While concerns about these liabilities can cause some individuals to avoid entering the world of being a business owner, there are many effective strategies that can mitigate the legal risks that a business owner will face.
Have Any Major Agreements In Writing
There are many major agreements that your business may enter into with suppliers, customers, and other associates. Unfortunately, some business owners may fail to get these agreements in writing, and this can lead to major disputes in the future. By getting these agreements in writing, you can be sure that there is a record of the agreement being made as well as having the terms of the agreement detailed.
Perform A Liability Assessment To Guide Your Insurance Purchases
Buying insurance is a highly effective way of reducing the legal liabilities of your business, as insurance policies can provide coverage for many of the common disputes and liabilities that can arise. Unfortunately, businesses will often have far too little coverage or may lack coverage for some of the more likely circumstances that they can encounter. A comprehensive liability assessment can be important for determining the threats that will pose the greatest concern for the business so that you can know the type of policies to purchase as well as the coverage amounts that will be needed.
Keep A Corporate Lawyer On Retainer
As a business owner, you will be tasked with making important decisions every day. While the majority of these decisions will involve logistical matters, customer complaints, and managing workers, there are instances where a business leader may have to make a decision with potential legal implications. By having a corporate attorney on retainer, you will be able to quickly consult with a trained legal professional so that you can get an informed answer. Furthermore, having an attorney on retainer can allow you to respond quickly to legal threats that customers, suppliers, or competitors may levy against your company.
Invest In Surveillance Cameras
New business owners may assume that security cameras are only used to deter shoplifting. However, fraud deterrence can be another important benefit of having these cameras. It is a sad fact that some individuals may attempt to fake common injuries, such as slip and falls, in order to sue businesses. Having security cameras in place will make it easier to determine whether the person staged the accident in an attempt to get money from your company.
Work with a local corporate lawyer for more advice.