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Which insurance policies are recommended for New Orleans businesses?
The Big Easy is a popular tourist destination and has ample supports for entrepreneurs and plentiful opportunities for small business owners. Protect your New Orleans business with these insurance products.
General liability insurance
General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in New Orleans often require this coverage.
BEST FOR
- Customer accidents at your business
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance helps small businesses in New Orleans recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
BEST FOR
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
A business owner's policy (BOP) is an affordable way to buy general liability and commercial property insurance together. It's recommended for low-risk small businesses in New Orleans.
BEST FOR
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
Workers' comp is required for New Orleans businesses with any employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
BEST FOR
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from workplace injuries
Commercial auto insurance
All vehicles owned by New Orleans businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
BEST FOR
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
BEST FOR
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a New Orleans business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
BEST FOR
- Burglaries
- Fires
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Looking for different coverage? See more policies.
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Which business insurance policies are required in New Orleans, LA?
State and local laws can determine the type of insurance you need. These policies help you comply with Louisiana business insurance requirements.
Workers' compensation insurance
Louisiana law requires all businesses with employees to carry workers’ compensation insurance or apply for self-insurance. Employers must cover full-time, part-time, and seasonal employees with few exceptions.
Workers' comp insurance pays for medical costs from job-related injuries and illnesses. It also provides disability benefits for injured Louisiana workers.
Most policies include employer's liability insurance, which protects employers against legal costs related to worker injuries.
Self-employed workers and independent contractors should also consider protecting themselves with workers' comp, as personal health insurance typically won't cover work injuries.
Commercial auto insurance
From Shreveport to Baton Rouge, the state of Louisiana requires commercial auto insurance for all business-owned vehicles. This policy pays for legal defense costs and property damage after an auto accident.
New Orleans businesses must meet the state's requirements for auto liability coverage, which are:
- $15,000 bodily injury liability per person
- $30,000 bodily injury liability per accident
- $25,000 property damage liability
These are the minimums and may not fully cover your business in the event of an exceptionally expensive accident. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
How much does business insurance in New Orleans cost?
Small businesses in New Orleans don't have to pay a lot for commercial insurance. Here are a few average costs for Louisiana businesses:
General liability: $47 per month
Workers' comp: $59 per month
Professional liability/E&O: $70 per month
Business insurance costs depend on factors such as:
- Type of business
- Business revenue
- Location
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
FAQs about New Orleans business insurance
Review answers to common questions about New Orleans business insurance.
How do I get a certificate of insurance for my business?
Sometimes you need to get insured quickly to sign a contract, win a bid, or fulfill another agreement. With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated insurance carriers.
- Choose the insurance options that fit your coverage needs and pay for them online.
- Download a certificate of insurance by logging into your account.
Our licensed insurance agents will help you get coverage for your small New Orleans business that matches your specific needs and your budget. Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Can my business be held liable for a data security breach?
Yes, your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
Louisiana data breach laws require New Orleans businesses to notify any residents whose personal information is exposed in a data breach "in the most expedient time possible and without unreasonable delay."
Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack. Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect New Orleans insurance requirements?
Yes, the city of New Orleans may have special requirements for business insurance and bonds, depending on your industry.
Businesses within New Orleans are required to carry a general license, and the annual fees for this license vary by industry and gross annual revenue. Fees start at $50 and go up to $7,500 per year.
Here are a few examples of businesses with other obligations:
- Contractors need commercial general liability insurance to obtain a Louisiana license.
- Physicians aren't required by law to carry malpractice insurance, but will need to carry a $100,000 policy to participate in Louisiana's Patient Compensation Fund.
- Real estate agents and brokers are required by Louisiana law to carry errors and omissions insurance (E&O), sometimes called professional liability insurance.
- Notaries public in Louisiana must carry a $10,000 surety bond or E&O policy to be renewed every five years.
Be sure to check that your business is fully protected for your industry, risks, and exposures.
New Orleans entrepreneurs may want to consider business liability policies that meet the unique needs of the the weather and geography of New Orleans, such as business interruption coverage or flood insurance through FEMA.
How can I get help starting a small business in New Orleans, LA?
If you'd like to explore resources for your New Orleans business, here's a list of local organizations available to provide guidance and resources:
- The City of New Orleans provides business resources for building and funding your small business. The Office of Economic Development helps entrepreneurs by providing counseling, workshops, and networking opportunities.
- The U.S. Small Business Administration assists New Orleans business owners with funding assistance, contract support, counseling, and more.
- Louisiana Economic Development (LED) helps local entrepreneurs with tax incentives, loans, and grants.
- Louisiana Small Business Development Center provides training, workshops, certification, and consultations for small business owners.
- SCORE New Orleans engages small business owners with workshops and training opportunities, as well as mentorship and other resources.
Many lenders will require you to first obtain several types of business insurance, which is yet another reason to insure your investment.
How can I save money on New Orleans business insurance?
Small business owners from Lafayette to Metairie can save money on the best coverage by comparing quotes from different insurance companies.
With Insureon, you can get free business insurance quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premium low.
Learn more about how to find cheap policies that match your business insurance needs.