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Transcript:
00:00:00 – 00:01:23
hello my name is Tony Lou and I’m a business litigation attorney here at Focus law today’s video topic common PS for small businesses now if you own or manage a business you already know running a company come with risks but what if I tell you that some of the biggest legal threats to your business ear from the competitors or even Marketplace but from the avoidable legal mistakes today we are going to talk about the most common legal pits that can put your business at risk and more importantly how you can protect yourself
00:00:50 – 00:02:16
before they turn into a costly mistake or lawsuits now pform number one is contract mistakes right contract are the backbone of any business they Define relationship uh set expectations and protect your interest but here’s the problem many business owners don’t realize that a contract can create unexpected legal exposure there are different types of contracts first written contract is a formal contract signed by both parties we also can have a verbal agreement and yes even hire can be a finding uh legal agreement the
00:01:33 – 00:03:00
third one is implied agreement uh these are uh created through ongoing business interactions even though uh nothing is in uh writing the biggest contract mistake the business owner make you ask well here it is not clearly Define the obligation of the parties right what exactly are you required to do or uh what happen if you cannot deliver the next is not having an exit plan if a deal turn bad how can you minimize the Legal Financial damage to your business and also the not enforcing the contract
00:02:17 – 00:03:48
right what is your legal recourse if the other party doesn’t hold up their end of the deal a well-drafted contract isn’t just a formality it’s a safeguard against f future dispute if you enter into a business agreement always have it reviewed by a attorney first p number two is the exposure to liability and the risks every business faces potential liability certain exposure uh to the liability whether it’s from product services or even employee actions here are just a few examples service liability a tech
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company uh made a mistake that leads to a client’s crippling data bridge for example if you’re selling the product the defective tools for example that injures the customer if you have employees a team members can make a decision that violates company policy or even breaks the law the question isn’t uh whether the risk exists is how well that you are protected Ed how can you reduce the liability exposure now having a clear policy and procedure employees must understand their responsibility full stop right also
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carry proper business insurance general liability professional liability uh and workers compensation coverage can protect you from unexpected claims also act quickly when problem arise ignoring small uh issues can turn them into a more expensive and much more expensive lawsuits later on a single mistake can lead to significant financial losses uh but proactive legal strategy can help to Shield your business from unnecessary uh risks Pi number three employee related legal issues employees on light blood of any
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business but they also bring legal challenges that business owner often underestimate here’s what can go wrong an employee uh harms a customer coworker a third party accidentally or Worse intentionally they file LW against you claiming wrongful termination discrimination or harassment now even worse they they embezzle company funds or steal sensitive uh client data or propri proprietary information even the best hiring practices will not eliminate all the risks here’s why every business need
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a clear written Employment contract detailing the roles and expectations and the consequences also uh business need a HR policies uh that complies with Federal and state laws to protect against wrongful termination or harassment claims business also needs U regular training for managers and employees on workplace ethics safety and compliance a single employee lawsuit can cost business tens of thousands if not Millions being proactive is your best defense final thought running a business is challenging enough without without
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legal trouble adding stress contract liability and employee issues are just a few of the legal palls that can threaten your business and causing serious damage financially but here is a good news most legal problem can be avoided uh with the right legal guidance if you are a business owner and want to ensure that you are protected contact our Law Firm today our team specialize in business litigation and risk management and let a make sure let us make sure that your business stays secure and successful
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call us now and visit our website to schedule a consultation
This transcript was AI-generated.
