Is My Business at Risk?
By Josh Bennett on March 15, 2014 - Category: Asset Protection
Anyone who owns a business knows there are risks involved. However, often we mistakenly think of these risks as being limited to factors like marketplace demand, natural disasters (hurricanes, floods, etc.), the current state of the economy, uncertainties regarding the owner/manager’s health and potential disability, etc. Yet, liability goes beyond those factors. We live in a particularly litigious society, and lawsuits, whether legitimate or frivolous, abound. Anyone who has accrued assets is vulnerable.
As I discuss in my book, The Ultimate Guide to Asset Preservation, many businesses are high-risk. Industry estimates for the accounting profession, for example, revealed a startling 4000 lawsuits comprising a whopping $30 billion in potential liability. That’s just for accountants. Imagine what it’s like for medical professionals.
Even if you’re in the right, defending yourself against a frivolous lawsuit can run you into the hundreds of thousands.
Can your business withstand such an attack?
Are your personal assets, including your home and retirement accounts, also at risk?
Are your trademarks and trade name secure if you have to start all over again?
“I have liability insurance,” you say. “I’m fully protected.” But, are you? Are you really? Most of us have health insurance but often the caps don’t protect against catastrophic illnesses and accidents. Will your liability insurance cover potentially massive punitive damages that might be awarded in addition to your basic liability?
It is critical for every business owner to protect their business and themselves against such attacks against their assets. A qualified licensed asset protection professional can advise you how to proceed, legally and comprehensively, so that you don’t one day find yourself handing over the key to your business to someone who hasn’t compensated you fully for it.
For more information on how to protect your assets, contact me or order a copy of my book, The Ultimate Guide to Asset Preservation.