What to Know about Business Insurance

In Louisiana

Facts about Business Insurance in Louisiana

In the state of Louisiana, business insurance itself is not required by law, but certain aspects of it, such as workers’ compensation insurance and commercial auto insurance, may be. A well thought out business insurance plan can cover financial losses to your business due to hazards like hurricanes, tornadoes, theft, forced long-term closures and liability lawsuits. 

More Louisiana business insurance facts

  • Louisiana businesses collect an average of $4.97 billion in insurance claims per year.
  • Louisiana has sustained extensive financial damage from at least 28 hurricanes and tropical storms since 2000.
  • An average of 36.9 destructive tornadoes touch down in this state every year.
  • With more than 112,000 thefts reported annually, the property crime rate in LA is higher than the average national rate.

Average Cost of Business Insurance in Louisiana

The cost of business insurance in Louisiana will vary significantly from one company to the next. Some factors that may influence your costs include the type of business you own, the value of your commercial assets, your company’s liability risks, and the weather risks and property crime rate in the ZIP code where your business is located. Because of the many coverage types and options at your disposal, you can fully customize your business insurance coverage to meet your business’s specific coverage needs. A local independent insurance professional can offer trustworthy advice while helping you obtain suitable coverage at a competitive rate.

Average Cost for the Top Business Insurance Claims

average cost of business insurance claims in louisiana

Why Choose an Independent Insurance Agent?

  • You can have all of your insurance needs handled by one local agent.
  • Independent agents can shop around to find you great policies at competitive rates.
  • Agents who live and work in your community understand your coverage needs.

Find an independent agent in Louisiana

I opened up a lawn care service a couple of months ago. I researched the different insurance coverages that I could get for my business, since I was looking for an insurance policy that would cover my tools and equipment. When I went to TrustedChoice.com, they were quick. They sent me information on a couple of different people who offered that type of insurance in the area. They did everything they needed to do and did their part well. Everything seemed to go smoothly.

five star review Ricky of Shreveport, LA Consumer Affairs

What Does Your Business Insurance Policy Cover? 

Coverage that makes sense for one business might not for another. That is why insurance companies make it possible for business owners to fully customize their business insurance coverage. You can work with an independent insurance agent to build an appropriate insurance portfolio that provides the following:

  1. Coverage for your commercial property: Property insurance can cover the building in which your business is housed, if owned by your business. It can also cover your business assets such as computers, furniture, tools, inventory and merchandise. A tornado destroys the equipment used by your lawn care company.
  2. Coverage against liability lawsuits: Liability insurance can cover legal defense, court costs, and damages if your business is sued for a covered event. A shopper in your clothing boutique is injured when a decorative rack comes loose from the wall.
  3. Coverage against employee injuries: Workers’ compensation can cover medical costs and lost wages if an employee is injured or becomes ill on the job. An assistant chef at your New Orleans restaurant is severely burned in a kitchen accident.
  4. Coverage against property crimes: Your insurance policy can reimburse you for losses caused by property crimes like embezzlement, theft, vandalism and arson. Looters ransack your electronics business during a mandatory hurricane evacuation.
  5. Coverage against forced closures: This can provide your business with a continuation of income when a covered event necessitates a long-term closure. Your roadside motel is severely damaged by a fire and must remain closed for months while it is rebuilt.

Be aware that most business insurance policies do not cover against flood damage, even if the rising waters are the direct result of a hurricane. Because much of Louisiana is prone to flooding, it 's very important that you consider supplementing your business insurance with a commercial flood insurance policy through the National Flood Insurance Program (NFIP). Your local insurance agent can help. 

Top Insurance Companies That Support Independent Insurance Agents in Louisiana

There are currently 421 independent insurance agents in Louisiana who are ready to help. These agents can save you time and money by helping you find reasonably priced coverage that is tailored to meet the specific coverage needs of your Louisiana business. Contact an insurance agent near you to get more information and to start comparing customized commercial insurance quotes.

Why go Independent

Why Go Independent When Looking for Business Insurance?

  • Expertise in your business
  • Multiple quotes from one agent
  • Get more value for your money