In addition to the stress you feel and the time you have to invest when you have a case against you, there’s also a big financial commitment that most people aren’t prepared for when a criminal or legal case gets sprung on them. Because of this, you might be worried about how you’re going to personally handle all that you’ve now got to deal with in addition to keeping your business running and effective. So to help you figure all this out, here are three tips for financially surviving a legal proceeding when you own your own business.
Be Prepared With The Right Insurance
The best thing you can do for yourself and your business when you’re being sued or otherwise prosecuted is to have been properly insured before any of this happened in the first place. This means that you should have been at least partially prepared for some type of legal trouble well in advance, which might not be helpful to you now if you’re currently facing charges. But for those who are ready to be prepared for something like this in the future, Neil Patel of QuickSprout.com, recommends that you get the right insurance for yourself and your business. The coverage you might want to consider should include errors and omissions insurance, life insurance, and board and officers liability.
Find The Right Lawyer
Right after you’ve been made aware of the case being brought against you, the very first thing you should do is find the right lawyer to work with. According to Leo Welder, a contributor to Entrepreneur.com, you’ll want to find a lawyer that specializes in the exact type of case you have. For example, if it’s a workers’ compensation claim, find a lawyer who has a lot of experience in this area. If you’re being sued for a personal injury, get a lawyer that has a good record winning cases such as these. By doing this, you’ll be giving yourself the best chance of having a positive outcome after the legal proceedings.
Bring On A Good Financial Team
To ensure that your financial situation is getting the attention it needs in this situation, Rene Shimada Siegel, a contributor to Inc.com, advises that you bring on a good financial team to keep an eye on things while you’re busy with the case. This team should include people like tax professionals, accountants, and a financial planner or advisor who can help you keep all your finances in order and help you best protect your money.
If you’re being sued or are dealing with a legal proceeding of some kind, consider using the tips mentioned above to help you ensure your finances are used wisely during this time.