Risk Management Counsel For Business Owners
In the world of business, risk management involves actively working to reduce loss, reduce liability and lessen your chances of seeing civil claims and business litigation. The risk management process often begins with a simple review of business operations and procedures to determine if better approaches or methods can be implemented to help minimize and mitigate the risks that the company is incurring.
Risk management is also about reducing liability. This means protecting companies against personal injury claims and employee claims of discrimination, harassment, or wage-hour violations.•
Identifying and Reducing Risk for Your Business
Risk is an inescapable part of business and while you cannot totally eliminate risk, it is possible to minimize the risk that you face. The degree and types of risk that you will encounter in the course of your career will vary depending upon your precise business niche and profession.
The average business owner or independent contractor faces many types of risk and while some forms of risk will be predictable; many risky situations will arise seemingly out of nowhere. Some risk is minimal and easily managed; other risks can threaten your business and your future.
Sandman PLLC will help you develop a business plan that minimizes your risk. We can also help provide you with recommendations for risk mitigation, such as seeking out certain forms of insurance which can minimize many forms of liability. Our lawyer can also review contracts and other legal documents, looking for any potential risks and liabilities that may be present. We can also revise these contracts or documents on your behalf so that you may offer an amended version for review. In addition to developing and enforcing policies, procedures, and operations that reduce risk, a formal risk assessment should be conducted on a regular basis.
Big corporations employ full-time risk managers to identify and minimize risks, while avoiding the incidence of litigation and civil claims. A business may not have that particular luxury, but every business needs an experienced business lawyer dedicated to your company’s growth, health, and success. This includes comprehensive risk management, in addition to addressing employment and hiring practices, employee contracts, intellectual property law cases, wage and workers’ compensation disputes and beyond.•
What is the Most Common Source of Risk for a Business?
As a business, you face many different forms of risk and liability. Our lawyer sees many different situations that may lead to lawsuits, legal troubles, and other losses. Some of the most commonly addressed risk-related issues include:
- Wage violations such as underpaying employees or failing to pay overtime wage;
- Sexual harassment cases, which can result in a lawsuit against your business;
- Wrongful termination cases that can arise if a now-former employee feels that they were terminated for unfair or inappropriate reasons;
- On-the-job injuries, which may result in a personal injury lawsuit against you as a company (although workers’ compensation can minimize a lot of your risk in this regard);
- Allegations of discrimination on the basis of gender, age, nationality, skin color/race, sexuality or other traits or attributes;
- Accusations of wrongfully denying an employee leave in compliance with the Family and Medical Leave Act (FMLA);
- Failure to secure the proper insurance policies or failure to secure enough insurance coverage;
- Failure to obtain the appropriate patents, copyrights, trademarks to protect your company’s intellectual property;
- Failure to draft contracts in a manner that fully guards and protects your company’s interests; and
- Failure to draft, implement and enforce company policies concerning employee conduct, hiring practices, social media usage, and day to day operations.
These are just some of the many areas that can leave you open to a lawsuit, fines, and penalties, accusations of wrongdoing or loss as the result of intellectual property infringement, among other things.
What’s more, many professionals and businesses must maintain professional licensing, which may be subject to revocation or suspension in the event of a procedural or ethics violation. Our lawyer will pinpoint any threats to your licensing, and then, we will work to minimize or neutralize the threat. Our risk management lawyer is here to help you to identify and resolve any issues that can result in loss, be it financial or otherwise.