As mentioned in a previous article about personal liability threats, in today’s world we are overloaded with litigation and lawsuits and it is imperative that you take the necessary actions to protect your wealth and assets against all types of potential risks. Contacting an asset protection attorney today is the first step to protecting your wealth.
In this article, we put together a list of potential professional and business liability risks and threats that could severely devalue your financial situation if your assets are not properly protected. This is not an all-inclusive list but should open your eyes to some of the possible incidents that could happen at any given time.
You might think this category only applies to Doctors or Attorneys, however it can apply to many types of businesses and practitioners. A malpractice suit can be devastating to your business and personal wealth.
This seems to be a hot topic on the news right now. Discrimination can happen in so many ways and the lawsuits can happen at moments notices even if they aren’t necessarily justified. These suits can come from asking the wrong questions during the hiring process, not following the proper termination processes, or refusing to do business with a certain groups. As a business owner, you may not be directly involved in any of these processes, though you can still be liable for the damages.
Work Related Injuries
Work related injuries can happen on the job site, or could be external if your business makes deliveries or service calls outside the shop. If an employee causes an accident while making a delivery, you could be liable for the expenses and damages incurred. If an employee is injured by equipment, or slips and falls on a job site, you can be responsible for damages. While having a worker’s comp insurance policy can cover all or most of these expenses, there can be times when the type of injury or damage is well beyond what the policy will cover and you or your business will be on the hook for the rest.
If you manufacture products and later it is determined that your products are faulty and have caused serious damage (or worse), you could be held responsible for any damages that occurred.
What Can You Do?
Again, this is just a short list of potential threats to your business that can have significant impacts on your wealth if your assets are not properly structured and insulated. There are many more threats out there, but these are the most common and can help open your mind to what could go wrong at any given time.
The best thing you can do today to help protect yourself and your wealth is to contact an asset protection attorney and have them put a strategy together that fits your needs. Your businesses need to be isolated and shielded from your personal assets and vice-versa.
For a free consultation, you can contact Lybarger Law Offices at 702-340-2335.