Tag Archives: business owner

Top Threats to a Professional’s Assets

If you are a professional or a business owner, it is important to understand that you are a potential target for a lawsuit. This is especially true if you have substantial assets. Thus, it is imperative that you take action to protect your assets from some of the top threats you face, including:

  • Breach of contract claims. When you are conducting business and have established a contractual relationship with other parties, any failure (whether intentional or not) to meet the terms of the agreement can result in a lawsuit.
  • Allegations of sexual harassment. If you own a business or you supervise other employees, even frivolous accusations can result in litigation.
  • Worker’s compensation cases. When an employee is hurt on the job, you can be held liable to pay for his treatment and/or rehabilitation, although the law typically requires an employee to carry worker’s compensation insurance.
  • Work-related car accidents. If you own a business that employs drivers, you could be included in a lawsuit resulting from your employee’s car accident. Even if it is your driver’s fault, you have the deep pockets.
  • Slip-and-fall accidents. If a customer or client slips and falls while visiting your place of work, you can bet his or her attorneys will target you as the liable party.
  • Product liability. If you manufacture, design or market products, you could be liable for damages if a consumer is injured by a faulty product.
  • Employment discrimination. Whether justified or not, an employee can allege discrimination is occurring in the workplace and file a lawsuit against you.
  • Trademark infringement. As competition increases, owners of trademarks are getting more aggressive about protecting their rights.

We all know that bad things happen to good people. Professional liability is a real threat to everyone because you don’t have to be negligent to get sued. Asset protection tools are available to help protect your wealth and assets from creditors in the event you are named in a lawsuit or your business is forced into bankruptcy. Contact us today to learn more about asset protection and how we can help.

If you are interested in learning more about being appointed as a guardian or conservator for a loved one, call us to schedule an appointment. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.