Oncken Insurance Agency, P.C. Blog
Litigation is honestly a pain to deal with for business owners; not only can they take a lot of time, but they are also costly. Competitors, customers, or the firm's very own employees can file a business lawsuit, so plan, seek legal advice, and acquire protection from liability, such as insurance. Here are five common business lawsuits a company might fight during their lifetime.
Breach of Contract
A breach of contract is precisely what it says; your company circumvented the conditions set forth by a mutual meeting of the minds, so you are liable for breach of covenant. You have to pay damages to the aggrieved party, which can cost you thousands of dollars.
Take care of following the contract terms to avoid a breach of contract.
Discrimination and Harassment
Discrimination in business comes in many different forms. Discrimination due to race, color, age, disability, or sexual orientation is scarily prevalent in today's society.
Refusing to tend to a customer's needs because of the same reasons above are also punishable by a trial.
Slip-and-fall accidents, provided it was proven that the management is negligent, can lead to potentially hundreds to thousands of dollars of losses.
Car accidents caused by your employees while driving a company-owned automobile can hold your business liable. Yes, your insurance company may handle the cost, but if you don't have one, then you may have to worry about litigation.
Workers' compensation costs can cover employee injuries sustained in their line of work. An inadequate compensation plan may cost the business hefty amounts of fees and fines.
Insufficient safety features, such as untrimmed sharp bushes, nails poking out of woodworks, or the absence of security guards can be grounds for a lawsuit, even more so when one is seriously injured, or worse, killed.
Intellectual Property Rights
Patents, trademarks, and copyrights are part of intellectual property, and a third-party may say that you stole it from them. You can be held accountable for the allegedly stolen intellectual property, and a trial may be in sight.
Protect your business from these forms of lawsuits. Sometimes, general coverage may not be enough, so discuss your needs with an insurance firm to ensure that your firm is protected from all possible results of a lawsuit.
At Oncken Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (281) 256-8310 or Click Here to request a free quote.