Business Insurance

Why Get Business Insurance in Louisiana
Business hazards in Louisiana come in many different forms. For example, an injured employee may file a worker’ compensation suit against your company or a fire may break out in an office in Baton Rouge which causes total destruction to the building and its contents. Unfortunately, no one can predict when these events may occur. Being a responsible business owner means protecting your business and its employees with comprehensive business liability insurance.

A smart business owner knows that one of the essential keys to the success of a company is to ensure that a valid Louisiana business insurance policy is in place. Whether you own a small retail shop or a multimillion dollar company, liability insurance can offer financial protection against claims that may occur. Without this coverage, circumstances can arise that not only can be costly but can potentially destroy your business and all you have invested.

Worker’s Compensation in Louisiana
Worker’s compensation in the state of Louisiana is compulsory for business owners. However, wage disputes, issues regarding harassment, and disputes regarding hours worked are not covered. As required by law, employers need to provide compensation insurance to their workers. Basically the coverage of worker’s compensation insurance pays for injuries sustained by the employee in the workplace. Even if the employee is not at fault when the injury happens, their worker’s compensation policy will take care of their medical expenses up to a certain limit. Occasionally an employee may file a lawsuit against the company if he or she feels she was injured due to negligence by the employer. In this instance, having proper liability insurance will protect you and your business from financial disaster.

Coverage for Louisiana Business Insurance
Louisiana business liability insurance provides businesses with a number of protections against all different types of lawsuits. These range from the manufacturing and selling of defective products, false advertising, injuries incurred during normal business operations, property damages, physical injuries due to negligence, and various other damages.

Another type of liability insurance you might want to consider is employer’s liability coverage. This is not generally included in basic business liability insurance but can provide additional protection for business owners.

Louisiana employers’ liability insurance will cover the following:

  • Wage disputes – This form of protection will cover the cost when employers pay any missing wages, as long as the employee can prove they have not been paid. Another aspect of this protection is when an employee claims that he or she is underpaid and is entitled to be paid more based on work experience. This is something that an employer should be prepared for because a former or current employee frequently makes such claims.
  • Employee injury – This part of the Louisiana liability insurance will pay for any injury incurred due to the negligence of the business when the employee files a lawsuit against the business for the damages caused and to pay for medical expenses and other losses that they cannot afford.

In today’s tough economic climate, many small business owners make the decision not to purchase business liability insurance because of their companies’ low profit margins. Many also see it as way to save money. But business owners who make this decision are taking an enormous risk. If there is an accident and your business does not have proper insurance coverage, you can be sued for damages and forced to come up with the money personally. The court can order the funds to be taken from the business itself or from your private assets. Don’t risk losing your hard-earned business by not having adequate financial protection. A comprehensive business liability insurance policy is well worth the cost!