Let Justice Be Done: How to Prevent Substantial Financial Damages to Make Your Startup Thrive

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Running a business comes with a lot of unprecedented risks. Some of these potential dangers can be hazardous and might destroy your business, while others may incur heavy financial burdens. 

Despite the risk management strategies in place, some accidents are inevitable. And in most cases, victims will hold you liable under the premises liability law, as long as they were at your premises legally. 

So, What is a Premises Liability Accident?

One of the business owner’s responsibilities is to make sure their customers are safe when visiting their premises.

That said, if a customer or visitor sustains injuries within your business premises, they may file a premises liability lawsuit against you seeking damages for injuries sustained. 

In most cases, premises liability lawsuits are filed with the help of a personal injury lawyer such as Rockford. Whether the injuries result from construction site negligence or slip and fall accident, an attorney handles settlement negotiations and even represents the victim in court to ensure they recover the highest compensation possible. 

How to Prevent Expensive Premises Liability Accidents

While accidents are inevitable, preventive measures can save you from expensive potential lawsuits. Additionally, maintaining high levels of safety and security at your premises would make it hard for the claimant to make a strong case and prove liability to your business. 

An excellent way to keep your premises safe is by carrying out inspections regularly to identify conditions that may result in an accident, so you can rectify them in time. 

Additionally, you might want to install surveillance cameras to help monitor your premises. Besides helping you ensure safety, surveillance cameras can help provide evidence, and you can use them to resolve a claim. 

Other preventive measures you can take include:

  • Putting warning signs 
  • Ensuring that no one is walking on wet floors 
  • Avoiding the use of defective equipment

What to Do in Case of a Premises Liability Lawsuit?

No matter what you do to ensure that your business premise is safe and secure for everyone, it is impossible to completely eliminate the likelihood of an accident. When a premises liability lawsuit or claim is filed against you, the primary topic is money. 

In almost all cases, the injured party and their lawyer will be looking to recover the maximum amount of compensation possible. Therefore, you must take the right steps to protect your new business from substantial financial damage.

Here are some tips to help you save substantially while the victim gains.

Seek Legal Advice 

If you do not have a business attorney, this would be the best time to hire one to help during settlement negotiation and possible trial. Not just a lawyer will get the job done, but getting a professional personal injury lawyer is very important.

A personal injury lawyer is in a better position to negotiate on your behalf without making the victim feel short-changed. 

Contact Your Insurance Company

In most states, you will be required to have an insurance policy for your startup. When a lawsuit is filed against you due to an accident, most insurance companies will require you to notify them as soon as possible, usually within a few days following the accident.

You must fulfil the specific requirements set forth by your insurer to avoid incurring additional business costs.

Reaching an Agreement in Premises Liability Lawsuit

When someone suffers injuries on your premises, it is always a good idea to settle the matter out of court, especially if the case is valid.

While this is a cost-effective way of resolving disputes, settlement negotiation offers an opportunity to explore other possible forms of compensation besides cash. Whatever you offer, make sure that the other party does not get less than they deserve. 

Have The Agreement Signed By Both Parties

After settlement negotiations, the victim may at times have a change of mind and decide to sue the at-fault party. If that happens, your chances of stopping them are minimal, especially if the settlement offer involves a verbal agreement. 

Having the agreement written on paper and signed by both parties is a good way to protect your business. That is because a written contract is legally binding and enforceable.