Business owners should obtain commercial insurance that protects against a variety of potential legal troubles, from liability to workplace accidents, injuries, or deaths. Unfortunately, many businesses lack suitable insurance protection. In fact, according to Business News Daily, 44% of business owners never obtain business insurance. Lacking commercial insurance makes the business and possibly its owners vulnerable to legal trouble. Here are some of the many ways business insurance helps protect you and your business.

Covering Legal Liability for Accidents

Many businesses have commercial vehicles or commercial properties that have frequent visitors. When accidents occur on the property or when a commercial vehicle is in an accident with one or more other vehicles or people, business liability insurance could cover those liability costs up to policy limits. The liability might be due to personal injuries, property damage, or both. If you also obtain an umbrella policy with your business insurance to pay additional costs that might exceed the policy limits for commercial liability or commercial vehicle insurance.

Protecting Against Errors and Omissions Costs

Some businesses provide services for clients that require special expertise. Accountants are a good example, as making an error or omission might cause a client to suffer financial harm. In these cases, a business insurance policy that includes errors and omissions coverage could cover the potential liability. The error or omission would have to be accidental, but there's also insurance protection when a subordinate engages in criminal activity that causes harm, such as embezzling from a client. Business crime insurance will protect honest business owners against liability for criminal acts that one or more workers might commit.

Insurance Against Defamation or Copyright Infringement

Another type of liability might occur if your business somehow defames an individual or a legal entity. Your business might also infringe on another’s intellectual property, such as copyright. Defamation is a general legal term that refers to libel, which is written, and slander, which is spoken. Your business might potentially defame a person, group, or another legal entity in many ways without intending to do so. Whether intentional or not, whenever harm occurs, liability issues arise, which insurance could protect against by paying them up to policy limits.

If you need a reliable source of business insurance, don't hesitate to reach out. Our team at The Louisiana Insurance Center can help protect your business against a variety of risks with common insurance protection and additional coverage. Call today to see how we can customize the insurance protection for your business.