Summary

Summary Do you have to master all the legal stuff as a business owner? No. Does it mean you can brush them off and sign legal papers on your phone after skimming through the headings alone? Absolutely not.

Some things, no matter how accomplished a business owner you are, are unavoidably important. Like understanding contracts and liability insurance. Especially now that instant gratification rules the world! Believe me, if it weren’t for that, I would still be paying a random broker a certain percentage from the sale of an asset I was interested in some time back!

Contracts can be both a blessing and a curse, providing legal security while also being used against you. You might decide to sign them off, considering how sometimes unclear language or terms trip you up, but you don’t want to land yourself in hot water later on, do you? That’s why in today’s episode, I’m giving you exactly the points you need to know before signing contracts to protect your business from unforeseen accidents. I’ll also cover liability insurance and explain how it can be used to strengthen your business’ future.

Tablecloth Finance, your hub for all things financial, brings you this informative episode. Tune in and take the first step towards securing your business’ future!

“You must inspect every single document that comes across your desk that you’re asked to sign, there is no such thing as standard, there is no such thing as normal.”

Listen to “What all Small Business Owners Should Know Before Starting a Business” on Spreaker.

What we discussed

• (01:24) I was almost scammed (or maybe not?): The experience that further alerted me to take caution while signing contracts.
• (06:53) Why research goes lost in today’s world of instant gratification + how it can cost you big in your business!
• (08:16) Take your time to research legally binding documents before signing them!
• (10:40) What if you don’t understand the language in a legal document? 2 things: (1) Ask the party who you’re signing it for to explain it to you (preferably in writing), (2) Ask your friend/acquaintance for help (always works).
• (11:33) Two excellent benefits of asking for clarification about a legal document’s content in writing from the other party
• (12:49) Liability insurance and liability policies: Why I create a liability policy for each asset
• (16:19) What if you don’t have a liability policy in place?
• (17:20) Contracts and liability insurance: The benefits in a nutshell

Things to remember:

1. Carefully review and understand every document that you sign, especially
   contracts and agreements. Remember, there is no such thing as a standard or
   normal document.
2. If there is anything that is unclear, ask questions and get a clear explanation.
   This ensures that both parties are in agreement and provides written proof of
   the intention of the agreement, which can be helpful in case of future
   disagreements.
3. Small businesses should have both contracts and liability insurance policies in
   place. Liability insurance policies can protect against unforeseen accidents or
   events, and can help prevent bankruptcy.

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