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What Businesses Can Do to Reduce Their Liability

HomeBusinessWhat Businesses Can Do to Reduce Their Liability

When you have given everything you have to build your business, the last thing you want is to lose it all because of a lawsuit. While we do live in a litigious society, there are ways that you can protect your business against litigation. Here are three good places to start.

Use Insurance to Protect Assets

It is critical to insure your business against litigation. Liability insurance covers the costs associated with the lawsuit itself, as well as any damages. This includes injuries sustained on your business property, product malfunction, as well as damage to personal property. Legal insurance will also cover discrimination and harassment claims, as well as lawsuits that you are forced to initiate. Any business is at risk of litigation, and while fines and fees can build up quickly, damage claims can cost you millions of dollars. Don’t risk losing everything; protect yourself with sufficient coverage.

Take Reasonable Steps to Protect Customers

It is your responsibility to ensure that your place of business is safe for customers. Eliminate risks of falls by keeping your floors clear, clean, and free of clutter. Wet floors can make your business liable for injuries. If there is a spill, put up wet floor signs immediately. Use signs and labels wherever there is a potential hazard, and keep your workspace in good repair. Block off any aisles where heavy items are being loaded or unloaded. It is also important to train workers on safely operating equipment and exercising extreme caution around customers.

Practice Excellent Customer Service

Companies who keep their customers happy are less likely to be sued. It is worth it to you to bend over backwards to keep your customers satisfied. Communication is key. At the onset of the relationship, be certain that you understand what the client wants. Throughout your service, check in on them and make sure they are still satisfied. When a customer makes a complaint, listen carefully and do everything you can to rectify the situation in an acceptable way. At the close of any transaction, ask for feedback and respond appropriately. If suitable, develop a personal relationship with the customer. All these approaches will limit the likelihood of a simple grievance turning into litigation.

Lawsuits can be devastating to a business, but you can protect yourself. If you acquire sufficient liability insurance, any claims made against you will not pull from your assets. Furthermore, you can reduce your likelihood of being sued by taking appropriate measures to make your workplace safe and ensuring that your customers feel heard and cared for.  

Read this next: How to Beat Your Brick and Mortar Competition

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