Lake Charles Business Insurance

The state of Louisiana is home to more than 414,000 businesses. In Lake Charles, over 6,500 businesses represent a variety of industries, including healthcare, hospitality, and education. Lake Charles is also a regional center for petrochemical refining, gaming, and tourism. Unforeseen events involving your Lake Charles business can threaten your livelihood at any time if you do not have the right business insurance. 

Working closely with an independent insurance agent, you can determine exactly what risks you have and find tailored business insurance policies to cover them. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.

Liability Insurance for Small Businesses in Lake Charles, LA

Any business owner, no matter how many precautions they take, is at risk for liability claims. Liability claims can arise from injuries or property damage that occur on your business property or those that are caused by you or your employees in the course of doing business. Commercial general liability insurance (CGL) is the most important component of your business liability coverage. It is the first line of defense against lawsuits and liability claims against your business.

CGL policies pay for attorney fees and any judgments that you might have to pay if you are sued, and also provide coverage for claims of libel, slander, copyright infringement, and false advertising. CGL policies do not cover every type of liability exposure that you might have. Since every business is unique, you may need tailored liability protection depending on the type of business you do and the risks you face. 

You might need additional liability policies, or you may need to add endorsements to other insurance policies in order to cover all the bases. An independent insurance agent can help you determine which commercial liability products are right for your Lake Charles business.

Cyber Liability Insurance for Lake Charles Businesses

Even the nation’s largest companies are not immune to cyber threats and costly data breaches. 

• Number of identity theft complaints in Louisiana per year: 3,430
• Ranked 27th highest for identity theft complaints in the US
• Only 22% of US businesses have a cyber/data breach response plan

Cyber liability insurance is the best way to protect your business from many of the costs associated with a data breach or some other type of cybercrime. Some typical coverage areas for cyber liability policies include:

• Legal defense, settlements, and judgments 
• Public relations expenses
• Your own damaged equipment, lost information, and digital assets 
• Customers, partners, or others who were negatively affected by the breach

Cyber liability coverage can be added to a business owners policy (BOP) or commercial general liability policy, or it can be a customized stand-alone solution. Work with your independent insurance agent to make sure it addresses the exposures that you have. 

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Property Insurance for Small Businesses in Lake Charles, LA

Property claims make up a significant portion of small business claims. Floods and hurricanes are a serious threat to commercial property in Louisiana, as are severe storms, wind, hail, and tornadoes.

• Number of federally declared disasters in Louisiana since 1953: 79
• Most common reasons for declared disasters in Louisiana: Floods and Hurricanes

Commercial property insurance protects buildings and their contents, including computers, office equipment, furniture, artwork, and all of your business personal property—whether it is owned or leased—if it is damaged by fire, smoke, theft, vandalism, weather, or certain other covered perils. 

If you own your building, you need commercial property insurance to cover damage to the structure and what’s inside; if you lease your space, you need this coverage for your business personal property.

An independent insurance agent can help you determine if you need more than just a basic commercial property policy. Some businesses have specialized machinery or equipment that needs additional coverage. And if you have tools, equipment, or other materials stored at job sites or in transit, you may also need additional coverage to protect those assets. 

Business Interruption Insurance for Lake Charles, LA Businesses

Property damage can be far more devastating than you ever imagined. If your commercial property is damaged or destroyed, you may be forced to close your doors for weeks or longer while you make repairs, rebuild, or relocate. Without a consistent revenue stream, small businesses especially may find themselves failing to pay fixed expenses, defaulting on loans, and facing bankruptcy. 

Business interruption insurance provides income continuation if you must close temporarily because of property damage caused by a covered event. You can continue to pay for expenses like loan payments and employee salaries until you resume normal operations.  

Workers’ Compensation Insurance for Lake Charles, LA Businesses

The Louisiana Workers’ Compensation Act offers a legal remedy to employees who are injured on the job. It entitles injured employees to certain benefits, including medical care, wage replacement, vocational rehabilitation services, and death benefits. 

Lake Charles employers are required to purchase Louisiana workers’ compensation insurance even if they have only one employee. All full-time, part-time, seasonal, and minor employees must be covered on their first day of employment.

Some subcontractors and independent contractors may be considered employees for the purposes of workers’ compensation coverage. In addition, sole proprietors and corporate officers are included in Louisiana workers’ compensation coverage, but they may choose to exclude themselves if they own at least 10% of the business. Certain other employee classifications are excluded from the workers’ compensation requirement in Louisiana. These include:

• Domestic employees and most real estate agents
• Uncompensated officers and directors of some nonprofits
• Public officials
• Musicians and certain other performers
• Oil and gas workers
• Employees covered by federal programs 
• The crew of any airplane working in crop-dusting or spraying operations
• Employees of railroads or other vessels involved in interstate or foreign commerce

You can purchase Louisiana workers’ compensation insurance from any private insurance carrier or agency that is licensed to sell it in the state. Businesses can also self-insure with approval from the state.

Employee Benefits for Small Businesses Lake Charles, LA

Employee benefits can help you attract and retain top employees, and they are a huge but essential expense for any business. In order to make the best decisions about what kind of health insurance, life insurance, and other benefits are best for your unique employee population, it’s best to work with a knowledgeable independent insurance agent.  

• Average amount spent per year on healthcare coverage by Louisiana businesses: $870,086
• Ranked 23rd for highest health insurance spending in the US
• Average annual cost of health care coverage in Louisiana: $5,584/person or $15,548/family

A local independent agent can help you find suitable coverage at a competitive price. 

Why Work with an Independent Agent? 

There are many business insurance products and options available to protect your Lake Charles business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work that you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies.