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Featured Article

If your business runs into serious difficulty, will
it bring you down too?  For example, what if one of
your employees got involved in a serious car accident
while working for you?  Will the resulting lawsuit
bankrupt you personally? 

Here are just a few ways of protecting yourself
against catastrophic losses and lawsuits.

1.  Obtain Adequate Insurance Coverage

If someone slips on the sidewalk of your home and
injures himself, he could sue you for damages.  Your
tenant's or homeowner's policy may cover you for
liability in such an event.

However, what if it is your customer who falls on his
way to visiting your home-based business?  You will
need an extra rider on your house insurance to cover
such incidental business use.  The extra charge for
this additional coverage is well worth it.

If you use a car for business use, insure it for such.
Some people think that they are being clever writing
off automobile expenses for income tax purposes but
at the same time not informing the insurance company
that the car is being used for business.

This is false economy.  If you ever get into an
accident, police and insurance investigators will
certainly find out that you used the vehicle for
business purposes.  If you're not paying for
business coverage, why would the insurance company
cover your claim? 

As well, what do you think an income tax auditor would
think of your claimed business expenses on the vehicle
when your insurance policy indicates personal coverage
only?  Avoid this additional exposure to tax liability.

Be sure to obtain required workers' compensation
coverage.  Some have been held responsible for all the
medical and other expenses of an injured worker, as well
as fines for non-compliance to the law.  These costs
can be quite substantial and even bankrupt you.

Consider obtaining product liability insurance.  This
applies not just for any products you manufacture but
also for products you sell that are made by others. 

2.  Incorporate Your Business

Insurance may give you some protection against loss.
However, you may suffer business losses and lawsuits
that may not be covered by your insurance fully.  What
then?

An extra level of protection can be obtained by forming
your own corporation.  Even though incorporating
yourself will result in extra paperwork and costs, it
could be the best insurance you ever bought.

This is because the corporation is a seperate legal
entity or person.  Even though you may own the
corporation, if the corporation operates the business,
it is the corporation that will be sued or suffer loss.

If, for example, the corporation had severe business
losses resulting in debts that could not be repaid,
the corporation would be insolvent.  You, as a
shareholder, would lose your investment in the company
but would generally not be responsible for any of its
debts.  Thus, you would not have to sell your home or
other personal assets to cover the corporation's
liabilities. 

On the other hand, there are cases where directors of
a corporation can be held responsible for liabilities
if they didn't act responsibly.  You can't hide behind
a corporation, commit criminal acts and expect to
escape accountability. 

For more information about incorporation, visit:
http://www.popeconsultinginc.com/incorporation.html

3.  Protect Yourself With Legal Agreements

Properly drafted written agreements can protect you in
many ways.  First of all, they can sometimes prevent
misunderstandings that can lead to legal problems. 
Secondly, they may limit your exposure to lawsuits and
losses. 

Contracts can limit your exposure to liability by
including provisions restricting the scope of your work
and responsibility, having disputes handled by arbitration
rather than through the Courts, and specifying that the
maximum damages payable shall not exceed the amount of
the contract.  

A special area to watch out for is the Internet. There
are many laws that impact on websites including
matters affecting children, privacy, earnings claims,
and unsolicited e-mail ("spam").  Certain agreements
and notices on your website may help to protect you.

For more information about Internet law, visit:
http://www.popeconsultinginc.com/internet-law.html 

Protect yourself from catastrophic losses and lawsuits.
Take steps today to protect your assets by limiting
your exposure to liability.
 

RESOURCE BOX:

J. Stephen Pope, President of Pope Consulting Inc.,
http://www.popeconsultinginc.com/ has been helping
clients to earn maximum business profits for over
twenty years.

For valuable Work at Home Small Business Ideas,
visit: http://www.yenommarketinginc.com/