Business owners in America are required to carry insurance for their own protection. While the laws vary from state to state, the general goal is the same.
Businesses in Louisiana must carry Louisiana workman’s comp insurance for their own protection and for the protection of the people who work for them.
Louisiana workman’s comp insurance covers employees who become sick or injured on the job.
It is provided by the employer to ensure that injured employees get the medical attention they need to make a full recovery. Almost all businesses that have an employee must provide Louisiana workman’s comp insurance.
Here’s what small businesses need to know about Louisiana workman’s comp insurance.
Who must carry Louisiana workman’s comp insurance?
Any state business with one employee or more is required by law to provide Louisiana workman’s comp insurance.
There are a few exceptions to this rule. Independent contractors and sole proprietors are not required to carry Louisiana workman’s comp insurance if they have no employees but may choose to do so anyway.
Additionally, domestic employees and public officials do not require workman’s compensation insurance.
Real estate salespeople are the last exception. Businesses must provide all other full-time, part-time, and seasonal workers with Louisiana workman’s comp insurance for their protection.
Even businesses that are not required to carry Louisiana workman’s comp insurance often do because it provides an added layer of protection for their business.
Business owners and sole proprietors who are not required to be included in Louisiana workman’s comp policies often choose to include themselves.
How much does Louisiana workman’s comp insurance cost?
The cost of Louisiana workman’s comp insurance varies based on several factors.
Some factors which affect the cost of Louisiana workman’s comp insurance premiums include the location of a business, the number of employees, and the size of the payroll.
The type of business or industry the business operates in also helps determine the cost of Louisiana workman’s comp insurance premiums.
One rule of thumb that is often used is to calculate $1.44 for every $100 worth of payroll a business has.
That will get you into the ballpark, but you should remember that many factors can affect a premium, so this will not give you an exact cost.
Where to Purchase Louisiana Workman’s Comp Insurance
Louisiana workman’s comp insurance is most often purchased from a private insurer.
Businesses do have the option to self-insure if they can prove they have a large amount of capital to cover any potential injuries that may be suffered by employees.
Since accidents are unpredictable in nature, this takes a rather large amount of financial capital.
Most businesses find it more cost-effective to purchase Louisiana workman’s comp from a private insurer. This ensures compliance with state laws and provides employees coverage on their first day of work.
If you feel you’re ready to get an accurate quote on Louisiana workman’s comp insurance, call a reliable insurance company who is familiar with your state laws today. This is the best way to protect your business and your employees.