The Allen Thomas Group (ATG), a risk management company and independent insurance agency based in Akron, OH, has recently published a blog post on how to protect your business from lawsuits. This article explores a number of vital legal strategies that can be implemented to ensure peace of mind. While these measures will not guarantee total immunity from legal problems, they can substantially decrease the risk of lawsuits and minimize potential damages.
The first key action is to make sure to keep a positive business image and avoid any conflicts of interest by carefully choosing what to say and do. The second action is to get the services of a competent lawyer who is knowledgeable about the local laws and customs to offer appropriate guidance and ensure compliance. Third, it is advisable to separate oneself from the business by creating a trust or incorporating the business, which can help in protecting personal assets. Fourth, it is a good idea to get the proper liability insurance, for instance, general liability insurance or errors and omissions (E&O) insurance, custom-fitted to one’s specific industry and needs. Fifth, it is advisable to protect computer systems by installing security software, regularly creating backups of files, and ensuring files are stored securely. Consultation with commercial insurance agents and legal professionals to adjust these strategies to fit one’s business requirements.
Having the guidance and expertise of a reliable attorney is essential, particularly a lawyer who is focused on business law. Such a lawyer can serve as a trusted advisor, helping navigate possible legal pitfalls and protecting the client’s interests.
There are two ways to protect assets. One is by placing business assets into a trust. This can protect them from possible liabilities and judgments resulting from legal proceedings against the business. In case of a lawsuit, the trust will be sued instead of the owner personally. The other way is to incorporate the business, which creates a separate legal entity for the company. Since the personal assets of the business owners are distinct from the assets of the business, creditors will only have access to business assets and not personal assets.
It is also advisable to get liability insurance coverage for the business. This serves as a financial protection by taking care of legal expenses, settlements, and judgments resulting from claims made against the company. For instance, if a worker or a third party gets injured, they may file a lawsuit to request for compensation for medical expenses and lost wages. Without liability insurance, the business will be forced to shoulder all of those costs, possibly causing a significant financial strain for the business.
The usual types of liability insurance policies that businesses may want to purchase include: commercial general liability insurance, professional liability insurance, product liability insurance, employment practices liability insurance, and cyber liability insurance. There are a number of important considerations, such as: the specific risks for the industry and business operations, industry-specific coverage, policy limits and deductibles, policy exclusions, and comparison of quotes from various insurance providers.
Established in 2003 by Joe Race, The Allen Thomas Group has evolved into a premier provider of customized risk management and financial solutions for both individuals and businesses. Joe Race, who is the CEO, is a graduate of The University of Akron. He served was an investment advisor in the 1990s after graduation, offering advice to clients with regards to investing. He later realized that his clients also required protection for their investments. He founded ATG to provide insurance solutions that can be tailor-fitted to the specific requirements of each individual. At the present time, The Allen Thomas Group offers a comprehensive range of customized business insurance solutions made possible through their partnerships with a number of insurance carriers. These partnerships enable them to offer the most appropriate insurance coverage for customers at a reasonable rate.
Those who want to get customized business insurance can check out The Allen Thomas Group website or call them on the phone. They are open from 9:00 am to 5:00 pm, from Monday to Friday.
For more information about The Allen Thomas Group, contact the company here:
The Allen Thomas Group
453 S High St Ste 101, Akron, OH 44311