Personal legal counsel is essential for small business owners for six reasons.

Personal legal counsel is essential for small business owners for six reasons.

To guard against claims and lawsuits, many small and medium-sized businesses purchase commercial general liability insurance or another kind of business insurance. These kinds of insurance policies give the business some protection by: a) retaining lawyers to represent the company in a lawsuit and paying for them; and (b) paying any verdict or settlement against the company in a lawsuit.

The benefit of having a policy is that it safeguards the proprietor of the business. An insurance company-hired attorney may appear to have a conflict of interest at times. When a plaintiff claims that his damages are greater than the amount that is payable under the policy or, in some jurisdictions, when the plaintiff claims that he should receive punitive or exemplary damages from the business, it may appear that there is a conflict.

For instance: A car accident occurs between the plaintiff and the delivery driver for Business A. The plaintiff asserts that the accident seriously injured him and necessitated costly surgery.

Let’s say the plaintiff wants $2.0 million to pay for his current and future medical bills, lost wages, permanent impairment, and emotional distress. With Company B, Business A has an insurance policy that will pay up to $1.0 million for the business or its employees’ negligence or fault.

To make up the difference, the business might be responsible for paying $1.0 million out of its own pocket. Another illustration of this is the same plaintiff’s request for punitive damages and a jury to punish Business A for seriously harming the plaintiff. In Colorado, punitive damages are not obligated to be paid by an insurance company. Any punitive damages would be paid for by Business A out of its own pocket.

In the aforementioned circumstances, a business owner should seriously consider hiring independent counsel because: 1. Typically, the insurance company’s attorney may imply to the business owner that personal counsel is required; 2. Personal counsel is only loyal to you and your company; 3. An unpaid independent attorney can exert pressure on both the plaintiff and the insurance company to negotiate a more reasonable settlement;

4. The independent attorney can explain to the insurance company why the policy should pay for a claim; 5. You and your company’s assets can be better protected with legal counsel; and 6. You can feel more at ease by seeking personal counseling.

Legal protection for small and medium-sized businesses is enhanced. Our economy depends on thriving small and medium-sized businesses.

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