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Illinois' Small Businesses are Victimized by Lawsuit Abuse
"Liability Costs for Small Business", a study conducted for the ILR by NERA Economic Consulting, reports that small businesses are paying the price for the legal crisis in America. And Illinois' small business are hit hard.
The study shows that the total annual cost of the tort system to U.S. businesses is a staggering $ 129 billion per year. Of this $129 billion, small businesses bear 68% of the cost, paying out $88 billion a year!
That equates to $150,000 a year for each small business. Money that could be used to hire additional employees, expand operations or improve health care is instead siphoned off to pay for legal costs.
Did you know....
Small businesses create 75% of the new jobs in this country
There are 4.5 million U.S. small businesses with $10 million or less in annual revenues....and 3.8 million with $1 million or less in revenue
There are 307,000 Small Businesses in Illinois with less than 50 employees
These small business make up 94% of all Illinois businesses
They hire 1.9 Million people...or 34% of Illinois' Work Force
These businesses employ millions of working Illinoisans. Employees that are the driving force behind our state's economic well-being.
Small businesses are hit hard by legal costs....and this impacts Illinois!
Tort liability costs small businesses about $150,000 a year
That's money that could be used to hire additional employees, expand operations or improve health benefits for employees
These tort liability costs impact all types of small businesses, including those in Manufacturing, Construction, Wholesale, Retail, Transportation... to just name a few.
To view "Liability Costs for Small Business" and read more about the study, click here now.
