One of the primary goals of being in business is to make money not lose it. When it comes to facing down a lawsuit being executed against your company, the result is generally considered a total loss. Even if you avoid being taken for large sums of money by a plaintiff, court costs and other legal fees can add up to a sizable expense even in the best case scenario. The following are four dangers that your company should be watching out for to avoid costly lawsuits.
Compromised Data
With regular frequency, companies are paraded across the evening news with talk of data breaches putting private customer and client information at risk by hackers and identity thieves. While the potential lawsuits arising from such an incident can range into the millions of dollars, the added problem of your company’s reputation being wrecked can also play into the vast expense your company stands to incur in the event your VPN is compromised.
Slip and Fall Accident
All it takes is a wet floor and a customer, client or employee losing their footing. What may not seem a big risk at first can actually turn out to be a huge liability and injury risk in the future. It is best to avoid slip and fall accidents by trying to keep people off wet surfaces and doing the majority of your floor cleaning after hours. Consider speaking with a slip and fall injury attorney to provide legal assistance for your questions and concerns.
Contract Violations
Whether you realize it or not, contract violations can provoke litigation. To avoid such a costly endeavor, it is best that your company abides by all its contractual obligations. Make sure that when you are drafting and entering contracts, you know clearly what the expectations are so you can uphold them.
While there are countless reasons why your company can be dragged through court and be subject to a lawsuit, the best way to avoid litigation is to look for ways to prevent it from happening. Prevention in business is truly more than just an ounce of cure when it comes to avoiding lawsuits. Often, actively looking for ways to prevent lawsuits can end up saving a company from losing all those profits it has worked so hard to obtain.
