If you are an entrepreneur, by definition you are comfortable with a certain amount of risk. Unwilling to safely take a job working for someone else, you put yourself and your future on the line and started your own business. That takes courage and a tolerance for rolling the dice that not everyone has.
But every entrepreneur wants to limit the risk associated with owning your own business. Here are three things you should do to help you stay out of court.
1. Get Good Insurance
The unexpected happens, but being properly insured can ensure you don’t find yourself in court. It is vital to obtain liability and property insurance policies. A good insurance portfolio will also stop workers comp claims from ruining your business. Contact your trusted professional to review your insurances and be sure you have the coverages that you need.
2. Hire a Trusted Attorney
Every businessman should have competent legal counsel on standby. While it may seem that keeping an attorney on retainer draws you closer to the court, the opposite is true. A trusted attorney can give you advice that keeps you out of litigation.
3. Separate Yourself From Your Business
If you are currently operating as a sole proprietorship, you could be leaving your family at risk for liability. Discuss restructuring your business to limit your personal liability in worst-case scenarios.