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According to Louisiana workers’ compensation guidelines, if you own a business in Louisiana and have employees, you must carry insurance for all of them. This applies to all workers – full-time, part-time, and even seasonal employees.
The average workers’ comp rate in Louisiana is $4.42 per $100 of payroll.
You can learn more about Louisiana’s workers’ comp rates here.
While protecting your employees and business is important, so is saving money. Thankfully, small business owners in Louisiana have several options to help them reduce the cost of their workers’ compensation policies.
One of the best options is to ensure that your employees are classified correctly. There’s a major difference between different roles when it comes to risk (and, thus, cost).
For example, a salesperson responsible for calling and emailing potential leads is at a much lower risk than a salesperson who travels to meet with leads in person.
Another option is to institute a workplace safety training program and create a safety team or council responsible for ensuring that all employees are trained and understand OSHA standards.
You can also create a return-to-work program to help injured employees return from injuries faster, create a drug and alcohol-free workplace program, and use the dividends from your annual audit to reduce costs.
Obtaining and using workers’ comp in Louisiana is much the same as in any other state. You’ll first need to purchase a policy. The cost will be based on an estimate of your annual payroll and worker classifications.
Once purchased, you have a year of coverage for your business and employees. When the term is over, the insurance company will audit the policy to make sure the estimated payroll was accurate. If it was too high, you’ll receive a refund. If it was too low, you’ll pay the difference.
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
Under Louisiana workers’ compensation guidelines, employers have three options for purchasing insurance.
First, you can buy a policy through an a insurance agent. This is the most common path. You can get a quote in just seconds with Kickstand Insurance.
Second, high-risk businesses that cannot purchase from an insurance company can buy a policy through the state fund.
For large firms with plenty of capital, self-insurance may be an option. Louisiana has strict requirements and employers must file several forms.
Again, Louisiana’s workers’ compensation requirements are very strict. The following penalties may apply depending on the situation:
Under Louisiana workers’ compensation guidelines, an employee’s surviving spouse and dependents may be eligible for death benefits. These include:
The Louisiana workers’ compensation guidelines are structured to encourage ongoing payments rather than lump sum payments.
However, some workers’ compensation settlements can result in a lump sum. These will include ongoing medical coverage and disability benefits, but the employee waives the right to make future claims on the accident/injury.
Commutations are also possible if the employee is already receiving workers’ comp benefits at a discount of 8% per year.
Employees have a single year to file a workers’ comp claim from the date of their injury or becoming aware/diagnosed with a disability. The employer has 10 days to file a report with the state’s Workforce Commission.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Unlike other online insta-quote systems,
here your quote is reviewed by experts
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