No matter what industry you work in, safeguarding the hard work you've put into forming and growing your small business is a primary concern. Each state has its own requirements for small business owners; in the Bayou State, all employers are required to provide workers' compensation insurance coverage for their employees. This mandate applies to both full and part-time workers. In addition to workers' compensation, many business owners in Louisiana opt to have additional coverage in place in order to help ensure that their assets remain secured if an unforeseeable event arises. Examples of additional coverage options include:
- Businessowner's Policy
- General Liability
- Commercial Property Insurance
- Cyber Liability
What Does Louisiana Workers' Compensation Insurance Cover?
You rely on your employees for multiple reasons throughout a work day, and for Louisiana businesses, workers' compensation is designed to provide an employee with financial assistance if he or she suffers an accident, illness, or injury due to a workplace incident. For example, if you're a restaurant owner and an employee has an allergic reaction to an ingredient you use in a recipe, workers' compensation can pay for medical expenses and additional treatment that's necessary for the employee's recovery.
What is a Businessowner's Policy?
There are two basic components of a businessowner's policy: commercial property insurance and general liability insurance. Because of the convenience of combining both policies into a single coverage option, many small business owners in Louisiana prefer to purchase a businessowner's policy, as opposed to purchasing both plans separately. Here are the details of what this type of insurance plan may cover:
General liability insurance generally offers the following types of coverage:
- Bodily injury - a person becomes injured while visiting your business premises
- Property damage - an employee accidentally causes damage to a customer's property
- Personal or advertising injury - a person alleges you infringed a copyright or trademark, or that you caused damage to his or her reputation in some way
Commercial Property Insurance
With commercial property insurance, if your building becomes damaged because of a fire, theft, or vandalism, you may receive compensation to repair or replace your property. Coverage often also protects any business assets that you own, such as inventory, furniture, and equipment. However, it's important to know that commercial property insurance usually doesn't cover flood damage. Since Louisiana is prone to hurricanes and other severe storms, you might want to consider investing in flood insurance.
About Cyber Liability Insurance
Cyber liability insurance can help to cover your liability for a data breach that leads to a customer's personal information being stolen or exposed. It's also designed to help a business recover from the effects of a data breach or a cyber attack by helping to pay for recovery expenses.
Where Can I Purchase Commercial Insurance?
With a variety of tailored small business insurance products that are available through AmVenture, you can have greater peace of mind. You deserve to have the tailored options that will help fortify your risk management plan, and our knowledgeable professionals are standing by to help. Call today, or fill out the brief form to receive a free quote!