What is Liability ?
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Liability & Risk levels
Compliance Industry
- A business sector comprised of companies, bodies and persons held accountable for following, maintaining and/or enforcing industry standards and rules.
- Non-compliance ramifications can be determined within the company such as termination and/or outside of the company such as legal ramifications, disciplinary action from a regulatory body.
Non-Compliance Industry
- Any business that must conform to general laws of the land or local regulations.
- Non compliance ramifications are generally consumer driven.
Liability in Compliance industries
- Examples of Compliance Industries that are at Open to Greater Risk
- Financial
- Real Estate & Construction
- Radon
- Home Inspection
- Medical
- Government
A few types of liability
- False Advertising, Slander, or Libel
- Unethical Behavior
- Conflicts of Interest, questionable business practices, etc.
- Illegal Behavior
- Kickbacks, bribes, falsifying documents, regulation violations, etc.
- Personal Injury to your clients/customers – accidental or caused by your negligence
- Client trips on your ladder, tool bag, slips and falls during an inspection?
- Property Damage caused by you, your employees, contractors, representatives, or clients.
- Weak Contracts
- Internet security breach, loss of files
- Loss due to theft, fire, vandalism, flood, or other natural disaster