Deciding to start your own business comes with a significant amount of dedication, perseverance and hard work. What many do not realize when they first start their own business, are ways they could be vulnerable to lawsuits. When a consumer or employee claim to be injured in your place of business the impact can be significant. There are a number of ways to protect your business from legal claims of this nature. It’s important that you ensure that you have the appropriate insurance to protect your business from financial ruin. An attorney may be beneficial in representing you and preserving your business so that you do not suffer the consequences of a successful lawsuit.
Common Personal Injury Cases Brought Against Businesses
Personal injuries can be sustained from an injury due to the negligence of another person or business. The plaintiff may bring a personal injury claim against you if they believe that your lack of action or negligence was the result of their injury. They will ultimately attempt to collect damages for the injuries. In most cases, damages are requested in the form of monetary compensation. Some of the most common personal injuries include:
- Slip and Fall Accidents
- Automobile Accidents
- Defective Products that cause harm (Consumer Liability)
- Premise Liability, when someone is injured due to disrepair or unsafe conditions at location where the injury was sustained.
In order for a personal injury claim to be successful, the plaintiff and their attorney must be able to prove:
- That you owed a duty of care to them
- You breached your duty of care
- They were harmed as a result
- They suffered some form of damages as a result
Personal injury claims are one of the most common forms of claims that occur today. Without the appropriate legal counsel and insurance policy, your business can be significantly impacted. As a small business owner, you are vulnerable to false personal injury claims. Having an attorney to negotiate such matters may ensure that you do not take a financial loss as significant as if you chose to represent yourself.
The Proper Insurance for Your Business
When the unexpected occurs, as a business owner, you will want to ensure that you are legally protected. Perhaps one of the most important aspects to making sure that your business is not decimated by a personal injury settlement or award is obtaining the appropriate insurance for your business. Take the time to review your insurance options, you will be grateful when faced with adversity that you did. The most common forms of insurance a small business may carry include:
Business Owner’s Policy (BOP): This type of policy combines several different types of insurance into a package that is specified for your needs. Although it may cover things like lost income for specific situations, you will still need to purchase other forms of insurance.
Other forms of insurance that you will need to hold include:
- Liability Insurance
- Property Insurance
- Auto Insurance
- Workers’ Compensation Insurance
Obtaining the right insurance can be tricky. While you will want to make sure that you have the proper coverage, you obviously do not want to spend more than you have to. Consulting with both your attorney and insurance provider can be helpful in guiding you through the proper types of insurance you require for your business.
For more information regarding how to ensure that you are protected, contact a business lawyer Abingdon, VA trusts with experience in managing business law and personal injury.
Thank you to our friends and contributors at The Law Offices of Mark T. Hurt for their insight into business law and personal injury.