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How to protect your business and your hard-earned assets from loss due to lawsuits

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As a business owner, you know just how much you’ve put into your business, how long it’s taken you to grow it, how much it’s worth and how much you want to protect it. Growing your own business is a long and hard process so the last thing you want is allowing it to be exposed to lawsuits and losses.

The possibility of being sued is always there but there are some things you can do to ensure it never happens. In this article, you’ll find the instructions on protecting your business and hard-earned assets from lawsuits.

Lady Justice (©Tingey Injury Law Firm)
Lady Justice (©Tingey Injury Law Firm)

Check your lawyer’s track record.

Hopefully, the recommendations below will mean you never get sued. However, sometimes you may slip up and require the assistance of an experienced lawyer. As commercial lawyers, attwoodmarshall.com.au explains how it is a lawyer’s goal to protect the personal, family and commercial interests of business professionals and personal assets. If needed, a commercial lawyer is clearly the way to go.

Before hiring a lawyer, check his or her track record to make sure he or she has enough experience when it comes to protecting businesses from legal issues. Make sure he or she is from a reputable firm with experience in commercial law, lawsuits and settlements. These legal teams are best placed to deal with your issues as they have the know-how and necessary experience to manage such a case. Otherwise, you could be left out of pocket and out of luck.

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Treat employees fairly.

To avoid getting sued, the first thing you need to be careful of is treating your employees fairly. Your employees are more likely than anyone else to make a complaint or raise legal issues against you. This never happens if you are always complying with contract law, fair payment of contracts, maternity laws, gender pay and other things required by the law. This way, your employees will feel respected, looked after and cared about whilst part of your workforce. Of course, a smile and some employee perks go a long way in boosting employee morale, too.

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Keep your customers happy.

Keep your customers happy and you’ll be far less likely to have to deal with any kind of lawsuit from the customer base. The financial input of your company will likely come almost exclusively from your customer base. If you want to avoid losses through sales and losses through lawsuits, you’ll need to value and respect your customers as much as you do your employees. Make sure you comply with all refund and return laws, offer guarantees and stick to your word as a business owner.

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Have proper insurance.

Any business needs various kinds of insurance. In Australia, both public and product liability insurance will help protect you from lawsuits. Public liability helps cover you if someone is injured on your premises or something you do seems to cause injury to a person in public. Product liability keeps protections on your products and any damages they may cause. Having both and having them regularly checked and amended by your legal team is essential. Failure to do so leaves you, your business and your products exposed to lawsuits with no protection, which means you could risk losing a huge amount of money or assets due to a simple fault.

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Keep accurate records.

One of the most important things you can do on both customer and employee-facing sides of your business is to monitor and keep accurate records. Even the smallest incident should be properly reported, monitored and checked. Every new piece of hardware, software or legislation should be picked apart with a fine-toothed comb. Record everything, analyze the record and correct issues when found. This due diligence makes it far harder for someone to sue you for misconduct.

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Use closed-circuit television.

Finally, for an extra layer of protection, you should use CCTV on all of your premises. Often, people worry about data protection laws and privacy but if CCTV is looked after in the right way and only watched when needed, you’ll never have to worry about this. When you do need some protection in a lawsuit or complaint, you’ll have video evidence to help back up your claim. CCTV often forms a huge part of the evidence in court so having it can be super important.

Following these steps will help protect your business from the worst-case scenarios. The hope is that you’ll never need to enter litigation or be sued and these tips can help prevent that from ever happening. Look after your staff, your customers and yourself.

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