With election season firing up, one word is going to be on the lips of every candidate for political office: jobs. However, jobs is an easy word to say. The hard part is creating jobs. One institution that is going to be attacked ruthlessly during this election cycle is the civil justice system. Critics of the civil justice system will claim that state tort law is smothering business growth. Therefore, laws must be enacted to curb frivolous lawsuits.
However, how concerning is tort law for small business? Well, according to a survey done by NFIB (National Federation of Independent Business), not very much. Out of 75 problems, “costs and frequency of lawsuits” is ranked 65. The biggest problem facing small business? Health care costs. The remaining top ten problems are: cost of natural gas, federal taxes, property taxes, tax complexities, unreasonable government regulation, state taxes, cost of supplies, cost of electricity, and workers’ compensation insurance. The others problems can be found here.
So, in the grand scheme of things, small business does not appear to be overly concerned with the alleged and mysterious frivolous lawsuit epidemic.