[Infographic] Courting Disaster: Small Business Lawsuits
There are many challenges facing small businesses – especially in a troubled economy – but one particular aspect too many small business owners ignore that can torpedo their business? The threat of legal action.
In fact, almost one-in-three small businesses in the U.S. have been sued or threatened with a lawsuit in recent years, and they’ve spent more than US$100 billion a year on legal action. I don’t know about you, but that’s a lot of money, not to mention the loss of reputation, credibility and the increased costs on running a business.
Here’s an infographic – created for BOLT Insurance by Infographic World – that shows some of the more common lawsuits that small businesses face, how much it may cost them, and how they can protect themselves.
Better safe than sorry.
[Via: BOLT Insurance]
Daniel Goh is the founder and chief editor of Young | Upstarts, as well as an F&B entrepreneur. Daniel has a background in public relations, and is interested in issues in entrepreneurship, small business, marketing, public relations and the online space. He can be reached at daniel [at] youngupstarts [dot] com.