As a business owner, you’re probably doing as much as you can to keep your business financially viable and in general, save some money. This isn’t always easy, yet there are lots of ways you can improve the financial situation of your company. For instance, you can make your business greener, thus saving money on energy costs. Energy costs can be a killer, particularly, for heavily industrialised companies. You might also think about improving your business model, making it more efficient. If you do this, you’ll be saving a lot more cash in the long run. Hiring an accountant is a good move as well. They’ll be able to keep your books in order and make sure you’re not making an unnecessary losses. But there is a question you need to ask yourself. Are these cost reductions going to make a difference if your company is hit with a lawsuit? The answer is probably not. With one hit of the gavel, a lawsuit could ultimately end up costing your business hundreds of thousands. Depending on the type of damages, that suit could swell to millions.
Here are some of the most dangerous lawsuits that you could face as a business owner.
It’s no secret that more companies are hit with personal injury claims every year. The situation has become so bad the politicians in the UK are working hard to fix the problem. They are trying to abolish a number of personal injury actions. They know how crippling these can be for smaller businesses. It’s not helping the economy; it’s hindering it. In the USA, no such change has been suggested. That means PI claims are fair game for lawyers. It doesn’t even present them with a sporting challenge. It’s far too easy for a lawyer to win a PI claim. They don’t even need to prove that you caused the accident. They just need to prove that you weren’t aware of it. Or, that you didn’t recognise it was a hazard. A hazard could be anything from a flickering light bulb to a loose wire. If a worker or member of the public was injured due to a hazard like this, you’ll be paying. Anyone who is injured on your premises can hold you and your company accountable.
But that’s not the only injury claim that you need to watch out for. Injuries can be both physical and emotional. Emotional claims are more difficult to win. For a business owner, though, they can be just as dangerous. If you’re hit by an emotional injury claim, it will usually be due to how you’re running your office. Perhaps, you allowed cases of bullying in the office. Or maybe, you’re being accused of bullying one of your workers. Either way, the word kerching comes to mind. That’s why you need to be cautious about how you handle your employees. Don’t make the mistake of treating them badly. If in doubt, always check with a legal advisor. They will keep you on the right side of the line. You can learn more online from MichiganInjuryLawyers.com.
Harassment And Discrimination
Harassment and discrimination claims are on the rise in the American workplace. Sadly, in most cases the business owner isn’t guilty of anything. You do have a right to decide who you do and do not hire in business. That right is protected by law. As long as you aren’t accused of discriminatory action. An example of this could be to hire someone who had worse grades at school than someone else who you hired. If the employee uncovers this act, they might have the starting point of a discrimination case. But there will be other mitigating factors. They’ll have to prove you didn’t hire them based on something other than their ability to complete the job. Something such as their race, gender or even disability. That’s why if you write down you have a disability on your application; you’re almost always guaranteed an interview.
You have to be careful that you’re not found to be liable of this after you’ve hired someone as well. For instance, you might hire female workers. You can not be seen to treat them any differently from the male workers in your business. Again, a legal advisor would help you in this situation.
Contractual disputes are perhaps one of the most boring legal issues a business owner could face. But they are also easily the most damaging. If you’re sued over a contract, it’s probably not going to be a private individual, customer or worker filing the claim. It’s going to be another business with a lot of weight and money to throw around. That’s why you need to be careful when you sign contracts with other businesses. Make sure that you know exactly what you agree to. Don’t fall into the trap of agreeing to something because it looks good on paper. If you break the contract, you can bet they’ll come after you for everything.
The other side of this is that you can sue business owners for the same reason. This protects your company from a business deal that goes sour. Depending on the deal, a business owner not upholding their end could put your company in serious trouble. For instance, a company might have agreed to supply your company with an item you use to make your products. If they stop supplying this, it could bring your business to a grinding halt. Look at http://www.lawdonut.co.uk/law/contracts-disputes/business-contracts to find out how to protect your business.
Finally, you need to be aware of the dangers of plagiarism in business. This danger is usually presented by bigger players on the market. Bigger businesses in the industry have a lot of power and considerable recognition. They will do everything they can to stop other businesses using this recognition to their advantage. In the past, we’ve seen companies like Apple and 20th Century Fox use their power to sue for copyright. You must protect yourself by always getting new products and names that you’re using and selling patented. Do this and you can protect yourself from losing an idea or concept that belongs to your company.