Small businesses (including hotels) are often sitting ducks for money-hunters seeking awards or settlements. Some may be real, others bogus, but all are costly in terms of time, legal fees, and payouts (if the business loses or settles). Knowing the problem spots can help you devise strategies for avoiding trouble.
Here are the key problem areas and some ideas for staying out of trouble.
Small businesses are sitting ducks for legal actions. According to the U.S. Chamber of Commerce, abusive lawsuits cost small businesses $88 billion a year.
Even if you are in the right, it can cost you serious time and money to defend yourself. And sometimes, you can be forced to pursue legal action to enforce your rights. According to an SBA report, legal fees of small businesses can range from $3,000 to $150,000. A better course of action is to avoid legal problems. Here are a dozen ways to keep your business safe, or at least as safe as possible.