TORONTO, June 17, 2015 /CNW/ - In Canada, 3 out of 10 small business owners dealt with the stress and disruption of handling a legal dispute during the past three years. In an attempt to resolve these disputes, both parties were required to hire lawyers, having to pay up to $400 an hour. The top three sources of legal conflict are:
- Collecting money owed by customers
- Contract disputes with customers
- Contract disputes with suppliers
Considering there are millions of self-employed and small-medium business owners, that's a lot of unnecessary distraction and time away from running their business. Especially when a solution is available to both empower and protect them in case of unforeseen legal disputes.
In order to better understand small business owners' experiences and attitudes towards legal disputes, DAS Canada engaged Ipsos to conduct an online panel survey of over 1,000 business owners from across Canada. Here are some of the key findings:
- 73% believe a legal dispute would have a tangible financial impact on their business, but only 27% have set aside budget to protect their business from the potential costs involved with legal disputes
- Only 12% of business owners feel they have sufficient insurance coverage to cover any type of unforeseen legal expenses
- 1 out of 10 small business owners know another owner who lost their business due to a legal dispute
"Our research findings suggest that while business owners appreciate the significant impact a legal dispute could have on them, many unfortunately are either not being proactive or feel fully protected," says Barbara Haynes, CEO of DAS Canada. "That's where legal expense insurance can help. It fills the gap in their insurance portfolio and gives business owners peace of mind, so they can focus on what matters most – growing their business."
To learn more, we invite you to read our whitepaper at www.das.ca/accesstojustice
About DAS Canada
DAS Canada is a full-service specialist in legal expense insurance. We empower individuals, business owners, groups and associations when they are faced with unexpected legal issues. A DAS policy offers clients financial protection against costly legal expenses, allowing them to defend and pursue their legal rights and giving them unlimited access to legal advice at any time. We are committed to building and leading the legal expense insurance market in Canada and creating access to justice for all Canadians. DAS Canada is part of DAS Group, the global market leader in legal expense insurance and a subsidiary of ERGO - the primary insurer of the Munich Re Group. To learn more, please visit www.das.ca.
About Ipsos in Canada
Ipsos is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos' marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos is an Ipsos company, a leading global survey-based market research group. To learn more, please visit www.ipsos.ca.
SOURCE DAS Canada
Image with caption: "DAS Canada (CNW Group/DAS Canada)". Image available at: http://photos.newswire.ca/images/download/20150617_C1318_PHOTO_EN_18160.jpg
For further information: Jeffrey Kless - Marketing Manager, DAS Canada, 416-342-5404, [email protected]