It’s an unavoidable fact that all businesses face risk and as a result, all businesses need to have a plan for preparing for it. The best option would be to avoid or eliminate risk entirely but this isn’t always possible. So the only realistic approach is to minimise the likelihood or impact—also called mitigation—of the hazard1.
One of the main risks that certain businesses may need to plan for is a claim for compensation, up to and including litigation. It goes without saying that your business always acts with the best of intentions and aims for the highest ethical standards but accidents happen and, as we all know, mistakes can be all-too-easy to make.
Sometimes these mistakes can have significant impacts on your clients. Whether it’s providing bad advice, failing to meet an agreed-upon deadline, making a misdiagnosis, or forgetting to file a document, these seemingly small actions can sometimes cost a client a lot of money or have a dire impact on their health.