Mentioning lawsuits brings images of charged courtrooms buzzing with activities of Lawyers in gowns and wigs trading constitution quotations.
Grand endings of condemned prisoners waiting for henchmen or corrupt bankers being led to the black maria are other dramatic images that lawsuits conjure up in our minds.
Ever heard of ridiculous cases? Cases of seemingly irrational charges that often end up in favor of the case pursuant? You are about to be re-educated with the 5 mind boggling lawsuits and upon reading agree with us that protecting oneself from various business risks is a need and not a good to have.
- In 2013, Benjamin Careeathers sued against Red Bull energy drink company for false claims of ‘giving wings’ to Red Bull consumers in their adverts and apparently won the case for the American citizens. A whooping sum of 13 Million USD was settled for the settlement of the little ad clause that deceived the public just for the crime of three misinterpreted words ‘Gives You Wings’.
- Walking into objects is a sore accident that can cost you a good amount of money for treatment but walking, texting and bumping into an orange colored ladder in the United States can as well get you a 161,000.00 USD benefits from the jury system in the United States. Imagine the surprise of the defending company when they were ordered to pay such ridiculous amount of money to Detoya Moody in 2011 for such a claim.
- Cleanthi Peters sued universal studios for 15,000.00 USD for extreme fear, mental anguish and emotional distress due to her visit to universal studios’ Halloween horror nights haunted house. Whatever she hoped to get in a Halloween haunted house?
- Mcdonalds had a legal battle with 79 year old Stella Leiback for making their tea too hot and when you think you have seen it all and you are clearly heartbroken…….
- Robert Lee Brock sued himself for 5 million USD for larceny, breaking and entering, getting drunk and committing other crimes which landed him 23 years sentence. He had hoped the state would have to pay since he was in their custody (in jail) and wasn’t earning any money.
In every business, there is always that tiny possibility of answering miscellaneous charges which will likely have legal fees and possible compensation for damages if the case is sustained and won. These charges can against your business can come from within and with out. and the consequences are expensive.
There are various types of corporate insurance that takes the financial responsibility of accidents/errors and resultant legal challenges that may befall companies. Some of these insurance products include professional indemnity insurance, product liability insurance, fleet insurance, workers compensation and more. Any of these challenges can send a company to the brink of bankruptcy.
Insuring assets and potential liabilities are decisions made by well advised business owners who understand the importance of managing various risks. You can never be too prepared for accidental happenstance. One might be tempted to self-insure (saving little amount of money daily or weekly for accidents) but the figures needed to provide adequate coverage is in certain cases, way above the capacity most small businesses and in relative contrast, Insurance premiums are way cheaper to maintain.