Are your lawyer, CPA and commercial insurance broker working together to meet analyze and help your business with risk mitigation legal strategies? Your business attorney, CPA and insurance agent should be working together to come up with risk mitigation legal strategies. Myself, Sam Winogrond (CPA) and Lee Goldberg (insurance) talk about how the Asheville Trusted Advisor Council work together to identify the risks your business faces, and then mitigate them through legal, tax and insurance strategies.
For example, if your business has delivery vehicles, there is a legal, accounting and tax, and insurable component to those vehicles. Legally, does your employee know not to use the vehicle for personal errands, have they been properly trained in driving a commercial vehicle, and do they have appropriate commercial licenses to drive that vehicle. There is also an element of protecting your business from liability for the acts of the employee while driving that vehicle.
Which gets us to insurance: the vehicle should be insured against damage, but also the driver and your business against liability. And of course there must be workers compensation insurance on that employee. And finally, the vehicle is an asset that can be depreciated. This is a CPA / tax issue. This is just one example of how many elements of risk your business faces can have a legal, accounting, and insurable interest.
Contact me if you have any questions on any business transaction. In western North Carolina, Asheville, Waynesville, Hendersonville at (312) 671-6453.
Email me at: palermo@palermolaw.com.
Be sure to check out my other blog posts HERE. Be sure to listen to my podcasts with Matt Mittan at BizRadio.US