Many can argue that lawsuits are always on the rise, but this is not the case. With the COVID-19 pandemic, we can see lawsuits of all kinds on the rise. It’s in times like these that protecting your assets should be placed as a high priority. With patent litigations climbing, it’s important to know what your resources are and how to avoid a lawsuit, regardless of the situation.
Why The Increase of Lawsuits?
Some may say that it’s purely confidential that lawsuits are increasing in numbers during this pandemic, but some factors play into this due to COVID-19. For example, patent owners who may have wanted to file later in the year, have now moved up that timeline due to the stay-at-home orders in place and non-essential businesses closing down.
Additionally, many will see this as an opportunity to monetize their assets further by taking advantage of the timing. Right now, their past damage claims are stronger than they would’ve been in the future.
Aside from patent litigation lawsuits, many employees will seek out companies and small businesses on negligently exposing their workers and customers to the coronavirus in addition to personal injury lawsuits.
Many class-action lawsuits that are surfacing are directed towards big named companies. Such as Amazon, Princess Cruise Lines, Bank of America, and some pharmaceutical companies. These are due to numerous reasons such as trying to stop foreclosures on homes, exposure to the risk of injury, and more.
What To Do In A Lawsuit
The best thing to do in a lawsuit if you’re faced with one is to avoid it. This may seem like an impossible task and that’s because it is. What? Essentially, prepare for a lawsuit like it could happen any day or time. No business owner or real estate investor could’ve predicted a worldwide pandemic that has affected millions. This is the exact reason why having an asset protection plan in place is essential to protecting yourself.
Lawsuits are nearly unavoidable. With nearly 800 COVID-19 related lawsuits filed already, it’s clear that this is another pandemic entrepreneurs and real estate investors must keep at the forefront of their minds.
Not only does an Estate Plan, Series LLC, Anonymous Land Trust, etc protect your assets, but it also ensures that you keep what you have earned. Protect yourself and your assets. Become educated on what will work best for you in a time like this. Most importantly, understand the risks that come with being an entrepreneur and real estate investor and prepare for an “unforeseeable” future.