I don't think my business can afford its own attorney. Can't I just wait until something happens?
That's the equivalent of saying you would rather not pay $500 now so you can spend $30,000 later. Similar to your physical health, preventative care for your business is the key. Even if you never get sued, most business attorney's fees that are incurred in the day-to-day operation of your business, such as getting legal advice about contracts and employees, are tax deductible as business expenses. Attorney's fees associated with litigation are typically not tax-deductible.