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Wednesday, July 20, 2011

An Entrepreneur's Guide For Limiting Liability

An Entrepreneur's Guide For Limiting Liability

A major concern among entrepreneurs is being hit with a lawsuit or facing some other type of liability risk — whether it’s from a customer, a government agency, an employee or a vendor. The Notary Signing Agent & Small Business Sectionrecently spoke Elizabeth Milito, senior executive counsel with the National Federation of Independent Business’s Small Business Legal Center about avoiding liability issues.
How serious are the risks of liability for entrepreneurs?
Liability is a huge concern in today’s business climate. If a small business owner hasn’t been sued, they probably know somebody who has. In general, it’s only a matter of time until a legal problem develops.
How can entrepreneurs avoid liability?
In this viral age, first and foremost business owners need to understand the importance of keeping customers happy. That can go a long way towards stemming legal problems. A customer is less likely to sue for what they perceived as failed service if you promptly address the complaint.
What other things should small business owners do to minimize liability?
For businesses with employees, hire smart and manage wisely and fairly. You want to avoid employee disputes. Employee disputes can be extremely troublesome, so make sure you know and understand your state’s employment laws, and abide by them.
What if a disagreement can’t be resolved to everyone’s satisfaction.
That’s why it’s critically important to maintain adequate insurance. It will protect you if an issue escalates to legal action. Each industry has specific needs and unique risks, so you should work with a good insurance broker to make sure you have the right type and amount of insurance. We recommend that you don’t just get the minimum coverage. Small business owners also should have an annual insurance review because things change from year to year.

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