Larger companies can survive a hit from a lawsuit financially, but it could mean the end for a small business. The responsibility to limit risk falls onto the business owner, which can be a big task. Sometimes they can’t identify a risk factor until it becomes an issue.

The first thing small businesses should do to protect themselves is hire in-house counsel to detect risk early on. InnovaCounsel offers a risk assessment for businesses to find red flags and scope out vulnerabilities. It helps businesses to address their issues and protect themselves better.

Business owners and their employees need to watch how they conduct themselves to limit the risk of a lawsuit. This means avoiding making public announcements or statement that could be seen as questionable, or potentially libelous. This is very important to watch for on social media sites. Business owners should always double and even triple check what is happening on their social media.