Liability describes any situation in which you could be held responsible for something in a legal matter. Typically, if you’ve been held liable it can result in a lawsuit. This can be very expensive and detrimental to your personal and business finances, so you should know when you’re exposing yourself to liability.
Operating a Business
As a business owner, you take on a great deal of responsibility. You oversee your workers, your customers, your place of business, and more. Since you take on so much, it means that if something goes wrong then you are at fault. For example, you can be held liable if a customer injures themselves while on your property or while using one of your products.
That customer then has the right to sue you for damages. While you can’t remove all risks when you own a business, you can do your best to avoid potential lawsuits. Make sure you’re following all regulations, especially safety regulations, in and around your business. Purchase insurance for your business and take time to identify and address potential risks.
Unsafe Home Features
While in your own home, you might think you’re safe from any sort of liability. However, if someone is injured while on your property then you could be at-fault for that injury. You have a higher chance of this happening if you have unsafe features in and around your home.
For example, a pool can be considered unsafe since there is a risk of people falling in and drowning. Having a pool is meant to be a fun amenity and you shouldn’t remove it just because of the risk. Instead, you should make adjustments so it’s safer. A fence helps prevent accidents around your pool. You can apply this to any other unsafe features you may have.
Owning Pets
If you have a pet, they are your responsibility and you have responsibility for even their actions. Unfortunately, this means that you could be at-fault even if your pet does something you can’t control. To prevent issues, you need to take action to keep your dog from biting others. Training your dog and socializing them from a young age helps decrease their chances of biting someone. You should also be aware of their habits and body language so you know when there’s a problem. If your dog is aggressive or nervous, don’t let them approach people. Taking action to prevent bites can save you from legal issues. Animal liability is not just for bites, though! We’ve seen multiple instances where owners were found liable for others tripping & falling when pets got under their feet.
Any lawsuit is very expensive and can come with years of fighting to get back to normal. Knowing how you might be held liable can help you take steps to protect yourself. Just know that some situations will automatically expose you to more liability.
Did you enjoy this article? Here’s more to read: Why Your LLC Needs Business Insurance
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
