Louisiana (LA) Business Insurance Requirements
All employers in Louisiana with three or more employees are legally required to haveworkers’ compensation insurance. Workers’ compensation insurance exists to safeguard employees from financial impact related to injuries or illnesses sustained on the job. As a business owner, it also protects you from liability related to employee injuries. Workers’ compensation covers expenses and lost wages caused by the following:
If you drive a car, truck or van as part of your business operation, you’re required to have auto liability insurance or qualify as a self-insurer. Auto liability insurance can protect you and your business from the financial consequences of the following types of third-party claims resulting from auto accidents involving your vehicle:
Bodily injury liability– If you get into an accident and the driver or a passenger of the other vehicle is injured, your auto bodily injury liability insurance covers the costs arising out of bodily injury, including medical expenses and death benefits.
Property damage liability– In the above scenario, it’s extremely likely the other car sustained some damage as well. Your auto property damage liability insurance coverage insures the cost to repair or replace the other party’s vehicle.
Also, depending on the use of your vehicle, the kind of vehicle or if your vehicle is registered or titled under your business name, you may need a commercial auto insurance policy to secure the appropriate coverage and vehicle registration, and avoid penalties.
General liability insurance(also known as CGL—for commercial general liability) is one of the most essential and effective ways to safeguard your business. It protects your business from the financial consequences resulting from liability related to third-party non-employee bodily injury or third party property damage that arises from your business operations. It also provides coverage for personal and advertising injury. Without general liability insurance coverage, you could be in financial trouble in the event of an unfortunate accident involving a customer or other third party.
If you provide professional services and your advice is alleged to have led to one of your clients suffering a financial loss,professional liability insurancecan help. When a former customer or client claims—rightly or wrongly—that a mistake in your work led them to suffer a financial loss, professional liability insurance provides you with investigation and defense of the claim as well as making payments of any settlements or judgments.
Inland marine insuranceis designed to protect that vital equipment you use to make your business run smoothly. It protects your business by covering costs associated with accidentally damaged, lost or stolen equipment that is on the go with you. Whether you have an expensive tool collection, pricey construction materials, or other equipment you transport to a job site, having inland marine insurance is a no-brainer. At Thimble, we offer inland marine insurance, orBusiness Equipment Protectionas we call it, with coverage for up to $5,000 worth of business property and equipment.
Commercial property insuranceprotects your company’s building and the contents inside it from all kinds of risks of physical loss or damage, including theft, vandalism, fires and natural disasters such as floods, storms or earthquakes. Commercial property insurance is often included as part of a Business Owners’ Insurance Policy, or BOP.
Additional Info