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Which insurance policies are recommended for Louisiana businesses?
Small businesses in Louisiana most often buy these types of insurance.
General liability insurance
This policy is important for all Louisiana businesses. It covers common risks, including customer injuries. Most commercial leases require this business liability insurance.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Libel and other advertising injuries
Workers’ compensation insurance
Workers’ comp insurance is required for all Louisiana businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal fees from employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in Louisiana. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Accidents involving business vehicles
- Theft of a business vehicle
- Damage to a company vehicle
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a Louisiana business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Errors and omissions insurance
E&O, sometimes called professional liability insurance, is common with professional services in Louisiana. It can cover the cost of lawsuits related to your work performance.
BEST FOR
- Missed deadlines
- Accusations of negligence
- Errors and oversights
Cyber insurance
This policy covers financial losses from data breaches and cyberattacks. It's recommended for Louisiana businesses that handle credit cards and other sensitive data.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Commercial umbrella insurance
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Commercial property insurance
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
BEST FOR
- Fire
- Theft and vandalism
- Weather damage
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Which business insurance policies are required in Louisiana?
State laws affect which business insurance policies you need. These policies are required everywhere in Louisiana, from Baton Rouge to New Orleans.
Workers' compensation insurance
The state of Louisiana requires employers to carry workers’ compensation insurance or gain approval for self-insurance. Any employee who is full- or part-time, including seasonal staff and minors, must be covered.
Workers' comp covers medical costs for work injuries and illnesses. It also provides disability benefits to injured Louisiana workers.
Commercial auto insurance
All business-owned vehicles in Louisiana must be covered by commercial auto insurance. This policy costs the cost of work vehicle accidents.
Louisiana's minimum requirements for auto liability insurance are:
- $15,000 bodily injury liability per person
- $30,000 bodily injury liability per accident
- $25,000 property damage liability
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy (BOP).
How much does small business insurance cost in LA?
Commercial insurance can be affordable for small business owners. Average costs in Louisiana are:
General liability: $47 per month
Workers' comp: $59 per month
Professional liability/E&O: $70 per month
Factors that affect business insurance costs include:
- Your industry and risks
- Business operations
- Location, such as New Orleans
- Number of employees
- Insurance products purchased
- Policy limits and deductibles
How to get insurance for your Louisiana business
View video transcript.
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When you are ready to get insurance for your Louisiana business, you can complete Insureon's easy online application to get quotes from top-rated insurance companies.
FAQs about Louisiana business insurance
Review answers to frequently asked questions about Louisiana insurance.
How do I get a certificate of insurance for my business?
Insureon's licensed agents can help you find policies that fulfill Louisiana's requirements and protect against financial loss. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Can my company be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
Louisiana's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Does my industry affect state insurance requirements?
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers are required by state law to carry errors and omissions insurance (E&O), while other professionals who offer advice or services sometimes need this policy to get licensed.
State law also requires a minimum level of professional liability insurance coverage for physicians to participate in state programs that either limit the amount of damages available in a malpractice claim, or provides supplemental malpractice coverage to them.
Note that cities and counties may have their own laws, in addition to state laws.
How can I save money on Louisiana small business insurance?
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated insurance carriers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.