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Strategies to Protect Your Florida Business From Liability
Running a business can be extremely rewarding both personally and financially, but it does have its challenges. One of the most stressful and potentially financially problematic aspects is the exposure to lawsuits that naturally arises while doing business. However, there are several ways to guard against litigation and its financial effects, whether it comes from customers, employees, or regulatory agencies, and to protect your business’ assets in the event your business is sued. An attorney can advise you on mechanisms you may put in place to protect your business, including some we discuss in this post.
Legal Compliance
Ensuring your business complies with all applicable legal requirements can protect your business from liability. This involves monitoring local, state, and federal laws and regulations related to areas such as employment, intellectual property, and your premises.
Liability Waivers
Depending on the type of business you run, having your customers sign liability waivers can also protect your company from liability.
Airtight Contracts
Ensure that you have legally sufficient written agreements and review these often to check whether they offer the necessary level of protection against potential liabilities.
Employee Conduct Policies
By putting in place a clear employee and management conduct policy, you can reduce legal exposure from litigation from your employees and customers. This includes information on:
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How to treat customers
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Responding to customers' complaints
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Non-discrimination policies
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Drug and alcohol use policies
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Information on sick leave and overtime.
Comprehensive Insurance
Having proper insurance can protect your business in the event things go wrong. Make sure to review insurance policies periodically to ensure they meet your business’ needs. Insurance can also protect you in the event your company does not prevail in a lawsuit.
Asset Protection
It is also important to consider how to protect yourself as an individual business owner from liability for your business. One of the simplest ways to protect a business owner from personal liability is by putting in place asset protection mechanisms. These can vary from structuring your corporate entity as a Limited Liability Corporation (LLC), a corporate structure that minimizes personal liability, to transferring assets to an irrevocable trust.
Contact a Broward County, FL Business Attorney
Knowing how to protect yourself from potential liability should your business face litigation is vital but requires putting in place several legal mechanisms ahead of time. A Fort Lauderdale, Florida business law attorney understands the complexities of protecting a business from legal liability. The knowledgeable and experienced counsel at The Elliot Legal Group, P.A. can advise you on how to protect your Florida business from liability. Contact the law firm at 754-332-2101.
