Businesses in Florida can find themselves in a lawsuit for various reasons, including unfair competition, disagreements with government regulatory agencies, public complaints, contract interference and much more. If you are faced with any of these matters, you should be in a position to defend yourself and recover all the damages incurred in the process. Here are some common business torts and what you should know about them.
Business tort defined
Business torts, also called economic torts, are wrongful acts committed against a business entity that is likely to cause financial loss. These wrongful acts could be intentional or be a result of negligence. Either way, if a business faces a financial loss, it can seek compensation for the monetary damages through the court. Common business torts include the following:
- Fiduciary duty breach – When a person or business enters into a legal relationship of trust with another person or company, they must abide by their agreement and in the best interest of all the associated parties following the fiduciary duty. When a party breaches this relationship of trust by acting on their own self-interest, they have committed a business tort.
- Invasion of privacy – Florida law considers the following as invasion of privacy: false publicity, published private matters, intrusion upon seclusion, use of someone else’s identity for personal benefit and others.
- Defamation, disparagement and trade libel – These occur when a person makes damaging statements about a business entity that would harm its reputation or disparage its products. Also, harming the economic potential of a business falls under this category.
- Fraud – This is any deception or wrongful act that could result in personal or financial gain to the person involved. It ranges from embezzlement to falsifying hours or agreements
- Interfering with business relations or contracts – This includes interfering with contractual relationships or any other kind of relationship between businesses.
What to do
You should seek redress through the court when a business entity commits a wrongful act against you. The court may require the wrongdoer to pay the financial loss experienced and any other additional damages, including attorney’s fees.