How Asbestos Lawsuits Will Hurt Your Business : Asbestos lawsuits are on the rise. With them, so is the cost of insurance premiums for businesses that might be related to asbestos in any way. Even if your company has nothing to do with asbestos, you could still end up paying more for insurance because of these suits.
Asbestos lawsuits can be a real pain for business owners. Not only do you have to worry about the potential financial damages, but also about the impact on your reputation. If you’re unlucky enough to be hit with one, it can quickly bankrupt you. While it’s essential to take any necessary precautions to protect yourself from these lawsuits, there are some things you can do to help reduce your risk.
What is Asbestos?
Asbestos is a mineral that was once used in various construction and manufacturing applications. It’s known for its heat-resistant and fireproof properties, which is why it was so widely used. Unfortunately, it turns out that asbestos is also hazardous. When the fibers are disturbed, they become airborne. They can be breathed, resulting in serious health concerns such as lung cancer, mesothelioma, and asbestosis.
Families of those sickened or died by asbestos exposure have been filing lawsuits against companies that used the mineral in their products for decades. Several law firms, including Simmons Hanly & Conroy, now represent many of these families in legal actions against numerous businesses.
The Dangers of Asbestos
Due to the dangers associated with asbestos, its use has been largely phased out over the past few decades. However, there are still many buildings and products that contain it. If you’re not sure whether your company contains asbestos, seek the help of a professional.
Asbestos lawsuits have been on the rise in recent years, as more and more people are diagnosed with asbestos-related illnesses. If you’re sued for damages related to asbestos exposure, you could be facing a costly legal battle. Not only will you need to pay for your defense, but you could also be liable for damages awarded to the plaintiff.
Businesses that Involve Asbestos
There are a few different ways that businesses can get involved with asbestos. The most common way is through the use of products that contain it. Many building materials, such as insulation and flooring tiles, contain asbestos. If your business uses any of these products, you could be at risk for a lawsuit.
Another way businesses can get involved with asbestosis is by owning or operating a property that contains it. If you own a commercial property, the chances are that it was built before the 1980s. It means that it likely contains asbestos in some form. If you renovate or demolish a property that contains asbestos, you could be held responsible for any injuries that occur.
How Asbestos Lawsuits Could Hurt Your Business
If you’re not careful, a single asbestos lawsuit could bankrupt your business. Even if you win the case, the costs of defending yourself can be prohibitively expensive. In addition, there’s always the risk that a jury will award significant damages to the plaintiff even if they don’t have a strong case. Let’s take a closer look at each one, so you’re ready if you ever face an asbestos case.
We are Talking a Lot of Money:
The average cost of defending an asbestos lawsuit is $500,000. That’s a lot of money for most businesses, and, likely, you won’t be able to cover the costs on your own. You’ll need to pay for your defense, but you could also be liable for damages awarded to the plaintiff.
Jury Awards Can Be Huge:
Even if you have a strong case and win in court, there’s no guarantee that the jury will award damages that are manageable for your business. There have been cases where juries have awarded millions of dollars in damages to plaintiffs even when they don’t have a strong case. It is especially true if there are fatalities involved in the lawsuit.
Be Prepared for a Lengthy Battle:
Asbestos lawsuits can drag on for years, and they’re not easy to win. If you’re facing an asbestos lawsuit, be prepared for a long battle ahead. You’ll need to have a strong defense and be prepared to spend a lot of money on legal fees. It will be difficult to win these lawsuits, but you can succeed with the appropriate legal team on your side.
A Damaged Reputation:
Even if you win your asbestos lawsuit, you could still end up with a damaged reputation. The negative publicity from an asbestos lawsuit can damage a business. It’s vital to remember that the public may not always differentiate between the company and the individual employees who were sued.
Reduce Your Risk of Being Sued:
No business wants extra-legal headaches, especially if they can be avoidable. You can do a few things to reduce your risk of being sued for asbestos exposure.
Health and Safety Programs:
One way to mitigate your risk of being sued is by implementing a health and safety program that protects your employees from asbestos exposure. Ensure that your employees are well-trained in identifying and handling asbestos-containing materials.
Another way to protect yourself is by having adequate insurance. If you get sued for asbestos exposure, your insurance will help cover the costs of defense lawyers and any damages awarded to the plaintiff. Insurance companies typically have a lower threshold for defending asbestos lawsuits, so it is essential to have coverage.
The best way to protect yourself from an asbestos lawsuit is to be proactive. Make sure that your business follows all safety regulations and keeps track of any changes in the law. If you are aware of any potential risks, take steps to mitigate them. Provide your workers with safety equipment and training, and make sure they know the dangers of asbestos.
It is critical to plan if you are facing an asbestos case. Work with your insurance company and defense lawyer to develop a strategy for dealing with the suit. Remember that the key is to stay calm and focus on protecting your business.
Stay Up To Date:
You must stay up to date on the latest developments in asbestos law. The landscape of asbestos litigation is constantly changing, so it’s important to be aware of any changes that could affect your business.
Can a Business Be Asbestos Free?
There is no easy answer when it comes to asbestos and business. While it is possible to run a company that doesn’t contain asbestos, it can be difficult and expensive. The best way to avoid an asbestos lawsuit is to take steps to prevent any exposure in the first place.
Things to Look for in an Attorney:
When looking for an attorney to help you with your asbestos lawsuit, you should keep a few things in mind. Find a lawyer with prior experience dealing with asbestos claims and who is up to date on the latest legal trends. You should also look for an attorney willing to fight for your rights and who will work hard to get the best possible outcome for your case.
Remember, there is a lot more than money at stake in an asbestos lawsuit. Think twice if you’re thinking about using asbestos in your products or business. It’s not worth the risk of being sued and having to pay out vast sums of money in damages.
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