{"id":2721,"date":"2017-02-09T14:58:32","date_gmt":"2017-02-09T19:58:32","guid":{"rendered":"https:\/\/futurpreneur.ca\/?p=2721"},"modified":"2024-02-13T11:51:19","modified_gmt":"2024-02-13T16:51:19","slug":"protect-your-business-from-legal-action","status":"publish","type":"post","link":"https:\/\/futurpreneur.ca\/en\/blog\/protect-your-business-from-legal-action\/","title":{"rendered":"Protect Your Business from Legal Action"},"content":{"rendered":"

Written by: TruShield Insurance\u00a0<\/a><\/em><\/p>\n

There is a common myth among business owners that you can protect your business from legal action by simply shutting it down. Shutting down your business isn\u2019t an effective strategy, since courts generally do not care whether a business is still operational when making a ruling. Regardless of whether you\u2019re in business or not, you are still liable for any damages that were related to your business. That\u2019s why business owners need to get small business property and general liability insurance to protect themselves\u00a0against any business-related claims.<\/p>\n

Protect your business from legal action and these risks:<\/p>\n

1. Completed Operations Risk<\/strong><\/h3>\n

Running a small business carries some unique operational risks. Let\u2019s take the example of a skilled trades contracting business. Say a plumbing company installs pipes that leaked, resulting in water damage to a property. This could be extremely expensive depending on the size of the property and the extent of damage. In the event of lawsuit, if the plumbing company does not have general liability insurance, and if the losses are big, it may have to declare bankruptcy and close its business. However, they would still be liable for the damages even after their business has closed. In such a case, commercial general liability insurance could protect your small business.<\/p>\n

2. Product Exposure Risk<\/strong><\/h3>\n

This type of risk is commonly faced by wholesalers dealing with imported products. Let\u2019s say, for example, a product with faulty wiring results in a fire. This could cause significant damage to a property or cause bodily injury. Depending on the extent of the damage and where it occurred, the wholesaler could be sued by the customer. With our small business solution, you could be covered for any of the damages associated with the product.<\/p>\n

3. Premises Risk<\/strong><\/h3>\n

Retail and shop owners who have customers coming on their property on a regular basis are always exposed to premises risk. The most common occurrence is a slip and fall accident where a client or customer sustains an injury and wants to pursue legal action. There have been many cases where the injured party asks for a large sum based on not only medical costs, but also lost wages and future earnings. In such a case, our small business solution could cover the settlement amount.<\/p>\n

Protecting your business<\/strong><\/h3>\n

Facing a lawsuit is a stressful, frustrating and expensive process that can cost you your business if you don\u2019t have proper coverage. Lawyers\u2019 fees are an expensive part of the process, and they can sometimes cost even more than the settlement amount. Protect your business from legal action with TruShield\u2019s small business insurance policy. It can pay the settlement amount up to the limit of your policy, but also cover your legal fees over and above your policy limit. This allows you to focus on what\u2019s most important: keeping your business operational.<\/p>\n

About TruShield:
\n<\/strong>TruShield Insurance is a proud supporter of Canada\u2019s small business community. We focus on serving Canadian small business owners, entrepreneurs and startups. We provide affordable, flexible, and tailored insurance solutions for small businesses. Visit us online at trushieldinsurance.ca<\/a> to learn more about our products and request a quote.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Written by: TruShield Insurance\u00a0 There is a common myth among business owners that you can protect your business from legal action by simply shutting it down. Shutting down your business isn\u2019t an effective strategy, since courts generally do not care whether a business is still operational when making a ruling. Regardless of whether you\u2019re in […]<\/p>\n","protected":false},"author":3,"featured_media":2722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-2721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-planning-and-strategy"],"acf":[],"_links":{"self":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/posts\/2721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/comments?post=2721"}],"version-history":[{"count":0,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/posts\/2721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/media\/2722"}],"wp:attachment":[{"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/media?parent=2721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/categories?post=2721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/futurpreneur.ca\/en\/wp-json\/wp\/v2\/tags?post=2721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}