There might be by a bad circumstance a business may experience damages. And it might not be easy to deal the ordeal. It involves big money due to losses. Business Damages means any loss, claim, damage, liability, costs, robbery and over expenditures. This case needs a lawyer and the fees alone could add to the burden of the business owner. The witnesses will also be compensated and the disbursement fees and costs. This happens if the owner does not carefully plan his business and got wrong with his assumptions and speculations. The damages are categorized into: Lost past profits, Loss of business value, and extra expenses or out-of-pocket costs. Who will sue the management? It will be the CEO if it is a big corporation or company.
What is damage in business?
- Thread starter Starmix
- Start date
Damages in business are mostly caused by unforseen circumstances and for this reason , there is need to make insurance on such business so as to cover up the loss when such a situation happens and one won't have to bear the loss alone.
Damages is caused not only by unforeseen circumstances. Damages can be caused by reckless and poor management.
- Thread starter
- #4
Yes, it is like control of the business ' destiny. The unforeseen damages could also be seen from our two naked eyes and from our estimation and assumptions. If assumed and estimates the ongoing or coming damages, it must be stopped at all costs.
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- #6
That's the possible effect of the business owner trusted to his workers especially on money matters in cashiering or even on receivables during outside office deliveries. There is always a leech cannot be trusted , thief.
Damage in business comprises of anything that leads a business to loss. It could be something that needs to be repaired or money that was spent on the wrong things. Damages should be avoided in business.
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- #9
Damaged business may be caused by a trustee worker beyond the knowledge of the business owner. It might be old stockss declared damaged but actually stolen by the trustee. It happened here in my place the business was stunned to meet the person whm his trustee sold the old stock using the back door .
This reason make some business owners not to put put too much trust on their workers so they won't fail them in the end, the perpetrator of this evil act should be punished so as to serve as a lesson to others.
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- #11
That is right, it happened here in my place and the owner sued his trustee and he spent much money on the case and the culprit was summoned to pay the damages and was forced from work.He lost his mean' of living , trust gone and reputation ruined because of too much greediness.
Damage in business is somewhat common as sometime some costly Item break, and sometimes some customer cheat us and so many other things. The only solution I think is to get prepared for such loses, and put aside some extra money to recover fastly from these damages.
The kind of loss which I don't enjoy having in my business is when my workers are not putting in their best to make sure that they do very well.
It is the reason why a business owner who is smart will always assess the risk that is always involved in the kind of business that is doing so that you will know the kind of damages in this going to be likely to suffer.
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- #18
That's right you need to be quick, keen, and smart. Don't wait for the time to come you face bsnkruotcy. It's not easy to recover losses and repair of damages if could be repaired or fixed.
yes if you want to create bussiness you need to be ready to exspierce loss and damage before thinking about your own bussiness you need to think about everything
And I think some damages have been foreseen by either the owner of the business or the workers but they choose not to deal with the up and coming problem.
This is the reason why any business owner who is having a controversy in his business will always do everything possible to have it sorted out immediately before it is going to destroy even the reputation of the business.
