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Businesses get sued all the time, and sometimes these cases make the news. For example, in 1998, several tobacco companies, including Philip Morris and R.J. Reynolds agreed to a $206 billion settlement that was intended to cover the costs of illnesses related to smoking.
More recently, in 2016, the BP company had to pay $20 billion in a settlement because of environmental damage from an oil spill in the Gulf of Mexico.
While these big-name lawsuits certainly happen, not every business is a massive corporation. Nonetheless, that doesn’t mean they’re protected from lawsuits.
If you’re a small-business owner, even though the involved dollar amount may be lower, a lawsuit can actually be more damaging.
You have fewer resources to deal with something like this.
With that in mind, the following are key things to know if your small business gets sued.
Common Reasons Small Businesses Get Sued
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