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Buy legal insurance
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December 1, 2000: 12:57 p.m. ET
Many small-business owners buy insurance to keep legal costs down
By Jane Applegate
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NEW YORK (CNNfn) - Did you know 52 percent of all Americans have some sort of legal problem? And that one of every three people will need legal advice in the next 12 months?
With attorneys charging an average of $175, legal bills can eat into your profits. Even a small legal problem can drag down your morale and your business. That's why many small-business owners are signing up for prepaid legal insurance.
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Shop around for the best deals, but consider this type of insurance as a way to sleep more soundly at night.
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One of the oldest providers of this benefit is Pre-Paid Legal Services Inc., based in Ada, Okla. The company sells coverage to both individuals and small businesses.
For a modest monthly fee, business owners and their employees can have access to experienced business attorneys. Their team of lawyers can review contracts, write debt collection letters, and deal with leases, partnerships, creditor harassment, and bankruptcy, among other problems. If you need additional services, you are given a 25 percent discount off their regular legal fees.
To get help, call the toll-free consultation line. A representative collects all the details and refers you to the right person in the firm. You'll usually get a call back by the end of the next business day, according to company officials.
Pre-Paid Legal Services (PPD: Research, Estimates), a publicly held company, was founded in 1972. It contracts with law firms in communities across the nation.
Shop around for the best deals, but consider this type of insurance as a way to sleep more soundly at night. 
Excerpted from 201 Great Ideas for Your Small Business, Copyright 1998 by Jane Applegate. Published by arrangement with Bloomberg Press. Excerpts appear on Saturdays on CNNfn.com.
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