8/29/2013 - Poll: Most business owners take legal challenges on their own
When business owners are brought to court over a real or perceived slight to a customer or former employee, the majority of them opt to take on the challenge by their lonesome, a new poll reveals.
According to the survey, which was conducted by a nationwide legal services corporation, close to 60% of business owners who employ less than 250 workers opt to go it alone when they're sued rather than seeking help from a qualified attorney or expert on court proceedings.
Rip Mason, CEO of the Texas-based firm LegalShield, indicated that while entrepreneurs may think that they're saving money by doing, the consequences can be long lasting should they lose.
"A frightening number of small business owners deal with legal issues on their own because they don't believe hiring an attorney is worth the significant cost they have to pay," said Mason.
He added that with the proper amount of research, business owners can find the assistance they need without having to risk substantial losses.
Company managers and executives should keep in mind that business owners' insurance can help cover court costs. Whether it's hiring an attorney or paying for a settlement, certain business coverages can provide entrepreneurs the financial resources they need to navigate legal battles.