Monroe, LA Business Insurance

There are over 6,400 businesses operating in Monroe, Louisiana. Many of the city’s businesses are involved in healthcare, hospitality, and educational services. If you’re a Monroe business owner, you’ll want to protect your business assets with a comprehensive business insurance plan. An independent insurance agent in Monroe can help you identify the unique risks your company faces and can recommend the commercial insurance products you need to cover them. 

Liability Insurance for Small Businesses in Monroe, LA

One of the most important components of any business insurance plan is liability insurance. When you purchase a commercial general liability (CGL) policy, you gain protection from lawsuits and claims of negligence. These types of lawsuits happen when your business is responsible for damage or injuries to third parties. Even if the claims against you are unfounded, you still have to defend yourself. And any legal defense will be costly. 

With a CGL policy, you’ll be reimbursed for court costs, attorney fees, and even any settlements or judgments that you are required to pay to an injured party. CGL policies cover a lot, but not everything. Certain types of liability claims are specifically excluded from general liability coverage. Fortunately, there are several additional types of business liability policies available. And in some cases, the additional coverage you need can be added on to your CGL policy with an endorsement. An independent insurance agent in Monroe can help you decide if you need employment practices liability insurance, professional liability insurance, or any other type of supplementary liability coverage. 

Cyber Liability Insurance for Monroe Businesses

Your use of computer systems and electronic data leaves you susceptible to a variety of potentially expensive scenarios. When sensitive data is stolen by outside hackers, you’re responsible for making things right with your business partners and customers. What’s more, you could be sued for the financial harm that was caused. 

• 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 protects your business assets by paying for many of the costs related to a cyber breach and any resulting legal action against you. The cyber liability insurance market is still evolving, so finding the right policy can be challenging. What’s more, policies and coverage vary among insurance companies. Talk to your insurance agent about the cyber liability insurance options that best protect your business. 

Property Insurance for Small Businesses in Monroe, LA

Commercial property insurance is another basic building block of a comprehensive commercial insurance program. It covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to fires, severe weather, theft, vandalism, and so on.

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

Louisiana is no stranger to disasters, both large and small. The state has been devastated by major disasters like Hurricane Katrina. And every year severe storms, wind, hail, and tornadoes cause extensive property damage across the state. Talk to your insurance agent about the appropriate coverage limits for your unique business, so you can make repairs or rebuild without taking a major financial hit. 

You should also talk to your insurance agent about whether you need flood insurance for your Louisiana business. Flood insurance is only available through the National Flood Insurance Program (NFIP), but your local independent agent can help you purchase the coverage you need for your unique circumstances.

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Business Interruption Insurance for Monroe Businesses

Severe weather, fires, and even break-ins can cause extensive damage to your commercial buildings, your suppliers’ buildings, local utilities and more. Often these types of incidents can leave you unable to operate for some time while you make repairs, rebuild, or wait for the lights to come back on. Even a small, contained fire can create widespread damage and force you to close in order to rebuild.

If you couldn't afford ongoing expenses during the time you needed to make repairs, would you be forced to close for good? Business interruption insurance, or business income insurance, reimburses you for lost revenues when your business is unable to operate after a disaster. It pays for certain ongoing expenses and allows your company to stay afloat until you are able to reopen. A local independent insurance agent can help you assess your risks and help you get the coverage you need. 

Workers’ Compensation Insurance for Monroe, 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. Monroe 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 requirements 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 in Monroe

While offering employee benefits is optional for small employers, the impact that they can have on a workforce is immense. Employee benefits like group health insurance and group life insurance serve a critical purpose for many employees. The positive impact of offering employee benefits tends to far outweigh the costs. Employee benefits in general are linked to a decrease in employee absenteeism and improved morale. What’s more, a good employee benefits plan that includes health insurance, life insurance, vacation and sick time, and more, helps companies attract and retain top employees. 

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

There are many different health and life insurance policy types and options available for you to choose from. A local independent insurance agent can help you find suitable coverage at a competitive price. 

Why Work with an Independent Agent? 

There is no such thing as a one-size-fits-all business insurance policy. The wide variety of insurance products and options available to business owners allows you to cover your assets against the unique risks you face. Independent insurance agents can help you find the right policy for your needs and budget. Independent agents can work with multiple insurance companies, so you can compare competitive quotes and make an informed choice.  

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