Do You Need Small Business Insurance in Louisiana?
Louisiana is so much more than New Orleans, though you can have big fun in the Big Easy. The Pelican State is a true melting pot, bringing many cultures together. Many state and local programs support small businesses in Louisiana. Small business industries important to Louisiana include professional and support services, construction, healthcare, real estate, and retail.
- There are over 464,500 small businesses in Louisiana
- 99.5% of businesses in Louisiana are considered small businesses
- Small businesses employ over 906,600 people in Louisiana
With almost one million people employed by small businesses in Louisiana, it is easy to understand why they need to be protected by solid business insurance. Small business owners need to know that Louisiana may require certain types of insurance related to specific professions—and some insurance coverages are required for all businesses. Find out more below!
Required Business Insurance Coverage in Louisiana
Commercial Auto Insurance.
If your Louisiana small business owns any vehicles, you’re required to purchase commercial auto insurance. The Louisiana requirement includes minimum coverage for business-owned vehicles of $15,000 in bodily injury per person, $30,000 in bodily injury per accident, and $25,000 in property damage liability.
Workers’ Compensation Insurance.
In Louisiana, small businesses with any employees are required to carry workers’ compensation coverage for all full- and part-time employees. Employees of residential homes, certain farms, musicians and performers, and railroads are exempt from this requirement. A workers’ compensation policy covers medical bills for work-related injuries and illnesses.
Recommended Business Insurance Coverage in Louisiana
Small Business Owner’s Insurance.
Small business owners in Louisiana can bundle property damage insurance and general liability into one comprehensive Business Owner’s Policy (BOP) for convenience and savings. A BOP typically covers losses and damages related to business property, customer medical expenses for onsite third-party accidents like a slip and fall, and advertising damage claims.
General Liability Insurance.
General liability (GL) policies in Louisiana can be obtained as a separate coverage when a small business doesn’t need a full BOP. If you lease a space for your Louisiana business, the property contract likely requires general liability insurance. GL helps ease the financial burden of customer injury and typically covers third-party property damage, slander lawsuits, and other risks.
Professional Liability Insurance.
Errors and omissions (E&O) professional liability insurance is best for Louisiana small business owners providing expertise as a service, like accounting, design, and technical services. E&O covers most work mistakes and errors, missed deadlines, incomplete work, and negligence lawsuits.
Cyber Liability Insurance.
Cyber threats in Louisiana are increasing. Cyber Liability coverage is recommended for Louisiana small businesses to help manage the fallout from a cyberattack, including help paying for customer notification and fraud monitoring costs and associated legal fees. Cyber insurance helps businesses recover from malware, data breaches, and other common cyberattacks.
Our Small Business Insurance Company Is Here to Help
- QDoes B2Z offer small business coverage in Louisiana?
- QHow do I get a quote for my small business insurance in Louisiana?A
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