Baton Rouge business insurance: Understanding the Role of Workers Compensation Insurance in Your Small Business

If you have employees, no matter how few, then you need Baton Rouge workers’ compensation insurance. Generally, individual states require businesses with employees to carry it, but even without this legal incentive it is a necessary product.

Workers’ compensation helps to save your bottom line against the claims of employees who are left with medical bills and are unable to continue working after being injured on the job. It is a benefit that is solely provided by the employer and not something that employees can help to fund.

The first thought that springs into the minds of many small business owners is that, since their business is small and internet-based, what injury could possibly befall their employees? But repetitive stress injuries, trips and falls and sprains are not reserved just for large companies. They can strike employees at even the smallest home businesses. 

Beyond providing compensation and medical fees for injured employees, workers’ compensation insurance has other optional protections that can be built-in to your policy and that may save your small business from financial losses. These protections include,

• Legal expense coverage if an employee makes a claim that is invalid or is part of a fraudulent activity.
• Funeral expense coverage for employees who are killed as a result of a workplace accident or injury.
• Financial support for dependents that lose a provider as the result of a work-related injury or accident.

The liabilities that a workers’ compensation policy can cover are flexible, so you can design a policy that makes sense for your business and your risk.  Another great aspect of workers compensation insurance is that the owners of the business have the option of including themselves on the policy. They can opt not to and save money on premiums, or they can decide to cover themselves and get workers’ compensation benefits if they become injured at work while working (this is an important distinction for home-based businesses).

Some states allow certain companies to self-insure their workers’ compensation benefits, but because of the great financial risk involved this is not generally advisable and does carry some stiff financial, income and asset requirements for the business. 

As if all these reasons weren’t enough to compel small business owners with one or more employee to carry workers compensation insurance, the states that require it have also instituted fines for those companies that are out of compliance. So if you choose not to get the coverage, not only will you suffer enough financial exposure to possibly result in the loss of your business, but you also may be fined on top of that.

As an Independent Agency we have access to many companies and products. Through this vast market we are able to offer you the professional protection you need and deserve. Call us today to get a free Baton Rouge business insurance quote at (225) 490-5678.

Baton Rouge Home Insurance for the First-time Homebuyer

Insurance policies can be difficult for any consumer to fully understand, but first-time homebuyers are in a stickier situation than most after all, here you have a plan of insurance designed to protect your largest asset, and it is not only difficult to understand but also has many caveats that, by not understanding them, could leave you dangerously exposed.

Home Insurance Is Not Flood Insurance

The first lesson for a first-time homebuyer is that Baton Rouge home insurance is not the same thing as flood insurance. Flood insurance protects your home against the damage caused by a body of water that rises as a result of snow melt, rain, etc. Home insurance offers no protection to homeowners when this happens. If you live in a flood zone, then your mortgage lender will require you to have flood insurance. If you do not live in a flood zone, the coverage is optional.

Limits and Deductibles

Your policy likely has a deductible—and it may even have more than one. The deductible is the amount of money you must pay out of pocket for an insurable incident. Your insurance policy will offer no benefit payments unless the claim exceeds your deductible.

Limits are the maximum benefits that your insurance company will pay out. Your limits should be reasonable for the value of your home and contents and possible liability claims exposure. If your limits are lower than you’d like, you can consider an umbrella policy to add additional coverage.

Personal Property or Contents

In addition to offering financial reimbursement for losses and damages to your home, home insurance also protects the value of your contents or personal property. This includes your furniture, electronics, intangible software and music purchases, clothes and more. For jewelry, art or antiques, you may need additional coverage.

Liability Coverage

If someone is injured in your home or on your property, you may be responsible for paying damages, medical expenses and lost income, even if the injury was not a result of your purposeful negligence. Home insurance protects you from these liabilities so that you can actually enjoy having people over without worrying that it will later result in a huge liability.

Bed Bugs and Mold

It is a good idea to read your home insurance policy and see what types of incidents are considered insurable and actually offer recompense. In most policies, bed bugs, termites, mold and other home invaders are not considered insurable incidents, so you must pay out of pocket for their removal.

As an Independent Agency we have access to many companies and products. Through this vast market we are able to offer you the professional protection you need and deserve. Call us today to get a free Baton Rouge home insurance quote at (225) 490-5678.