30 Dec Legal risks for businesses
A business insurance may not be enough to protect your business from legal risks.
Talking today about the legal risks of a business, and I’ve got an analogy that I like to use a lot, which is thinking about your business as your castle.
If you’ve seen Game of Thrones, having your castle and moats outside which push away potential attackers.
I like to consider your outer moat as your terms and conditions, and contractual documents, and disclaimer waivers, privacy policies, etc.
Anything you’ve got contractually with a customer or a client that pushes away as much of the legal liability as possible.
Then the next moat is your business insurance.
The inner moat is your business insurance, and if they get through that, then it’s your castle walls that protect you, and I like to use the analogy of the castle walls being your corporate structure, the business structure that keeps you personally from being attacked, and then finally, if they manage to breach the castle walls, then you’ve got an escape tunnel out the back, and that allows you personally to escape that liability.
And that’s why it’s so important to have these structures in place and business insurances in place, as well as your contractual documents with your clients as your A, B, and C lines of defense against people attacking the business.
I hope that helps to give you a bit of an analogy of how I like to see your legal risk being manager to business.
Contact us today if you require any assistance with legal protection for your business.
(c) Progressive Legal Pty Ltd – All legal rights reserved (2019)
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Ian Aldridge is the Founder and Principal Lawyer Director at Progressive Legal. He has over 15 years experience in advising businesses in Australia and the UK. After practising in commercial litigation for 12 years in major Australian and International Law Firms, he decided to set up a NewLaw law firm in Australia and assist growing Australian businesses. Since then, he has advised over 2,500 small businesses over the past 6 years alone in relation to Intellectual Property Law, Commercial, Dispute Resolution, Workplace and Privacy Law. He has strived to build a law firm that takes a different approach to providing legal services. A truly client-focused law firm, Ian has built Progressive Legal that strives to deliver on predictable costs, excellent communication and care for his clients. As a legal pioneer, Ian has truly changed the way legal services are being provided in Australia, by building Legal Shield™, a legal subscription to obtain tailored legal documents and advice in a front-loaded retainer package, a world-first. He has a double degree in Law (Hons) and Economics (with a marketing major). He was admitted to the Supreme Court of NSW in 2005.