This week’s post is brought to you by our good friend and litigator, Attorney Ryan C. Solis, who was our guest contributor for our February issue of Dickerson Digest, our print newsletter.
Nothing can ruin a day quite like reading these words when served with a lawsuit. Unfortunately, it appears that lawsuits are on the rise. A recent survey by the international law firm Norton Rose & Fulbright show that corporate counsel expect an increase in lawsuits in 2020. The best defense to lawsuits is to be proactive by making sure you have planned accordingly.
A lawsuit has the potential to cripple a business. Not only could there be large monetary damages, but litigation requires time, focus and energy from top officials in the business. It is wise to offset the risk of litigation by making sure your corporate structure is solid and by having adequate insurance to cover any losses. Companies can create multiple corporations for various aspects of their business to act as a firewall and limit exposure. One entity could own the real estate, another could own the equipment, and another could own the vehicles. This way if suit is filed regarding a fatality caused by a company vehicle, for example, the exposure to the company would be limited to the assets of the entity owning the vehicles rather than the entire business.
CYBER RISK ON THE RISE
Cyber risk is a newer trend in litigation that businesses need to be aware of. Businesses today are compiling and using more and more personal data. This data is gold for hackers. As larger businesses beef up their security systems it is expected that hackers will start going after smaller companies who are usually less prepared for cyber threats. Therefore, an increase in lawsuits regarding cybersecurity and data privacy can be expected. It would be prudent to contact an IT professional to learn what you can do to protect your business from cyber threats.
PLANNING AHEAD AS A SAFEGUARD
As the saying goes, “anyone can sue anyone for anything.” As a business owner, you can protect yourself and your business by planning ahead. It would be wise to consult with an attorney to ensure that your business is protected and review your systems and processes to make sure that everything is secure as possible.
A little about Ryan… he always wanted to be an attorney, since he was a young boy and feels lucky to be able to live out his dream. He takes pleasure in representing those who have been injured by the negligence or carelessness of others. It is a special opportunity that he takes seriously and is committed to helping his clients receive what they deserve.
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