QUESTION
I need information on what I need to do to get liability protection.
Asked on Jan 20th, 2012 on Business Law - Georgia
More details to this question:
I need information on what I need to do to protect our business (not official we are yet to procure a business license) from liability. we repair IPhones and need to be protected from liability of breaking or damaging pieces. Also we call ourselves IDoctorz, but since we do not have this name trademarked will that cause any issues?
1 ANSWER
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As a general matter, people buy insurance for such protection. Your insurance broker can assist you in making sure you have the right kind of insurance.
However, you should think carefully about whether it is worth the bother. If you destroy a used iPhone, your exposure is the value of a used iPhone (not a new iPhone) -- perhaps a few hundred dollars. Most businesses would self-insurance against this risk.
You should also consider having an agreement with your customers that expressly limits your liability and that requires arbitration of any claims. Your attorney can assist you with this.
Answered on Jan 21st, 2012 at 8:51 AM