People who run their own business are responsible for liabilities they create. This means if your business cannot pay its debts, or if an accident hurts someone, you must pay. If you don't have enough money, then the people with a claim can try to take your home, car, stocks, bank accounts or other property to pay the debt. Because of this significant risk of losing personal assets arising from business claims, business owners try to take steps to reduce their risk of personal liability.
An important way to avoid liabilities is to operate honestly, sell quality products and services, stand behind what you sell, protect the health and safety of customers and workers, and comply with all laws. Keeping these ideas first in mind will reduce claims and liability risks. But risks, claims and some liabilities still occur. Even a business that follows all the rules can face liabilities due to accidents, demanding customers, unreasonable suppliers or other events that could not have been foreseen. Additional steps can significantly reduce these risks. Here are tips.
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