Helping to protect your business and employees can have the same degree of importance or even more than producing profit. In Louisiana, most employers are required by law to have Workers’ Compensation insurance regardless of the number of employees. All types of employees, whether part-time, full-time, minors or temporary should be covered by Workers’ Compensation insurance. Louisiana is full of opportunity and employers should want to protect their businesses from potential risks by obtaining Workers’ Compensation insurance coverage.
Contact PolicySweet® for more information or to get a quote for Workers’ Compensation insurance today.
What Coverage Does Louisiana Workers’ Compensation Insurance Offer?
Workers’ Compensation insurance can provide financial protection to employers in the event an employee is injured while on the job. Depending on the policy, it can cover:
Medical Expenses
If the injury happens on the job, the Workers’ Compensation policy can cover medical bills related to the injury and treatment. This could include hospital visits and physical therapy.
Lost Wages
An employee can receive compensation for wages lost due to their injury or illness. This means employees can have a source of income while they recover.
Ongoing Support
Employees who suffer long-term injuries can receive support for job training and other services if they are unable to return to their role.
The Benefits of Workers’ Compensation Louisiana
Having Workers’ Compensation insurance helps protect employers in the event of an employee injury, but it has other benefits as well.
For employers:
- Help protect your business from potential liability: Workers’ Compensation insurance can offer employers “peace of mind” knowing that if an employee is injured on the job, they can be covered. This can eliminate the need for employers to pay out of pocket for medical expenses or lost wages.
- Potentially reduce workplace injury and improve safety: When employees know their employer provides Workers’ Compensation insurance, they may feel safer in their environment. This can help to create a safe work environment, help reduce the risk of injury, and could lower stress levels.
- Comply with state laws: Having Workers’ Compensation insurance coverage can be essential for businesses to comply with the law and it can reduce the chance of having to pay fines.
- Help to retain and attract top talent: By having Workers’ Compensation insurance, you can also demonstrate to employees that you likely value their safety and well-being. This is especially important for helping to attract top talent in your industry.
For Employees:
- Having access to financial support during a time of need: In the event of an injury or illness, it can be essential that employees have access to the medical care they might need and financial compensation for lost wages.
- Understanding their rights: Workers’ Compensation insurance can help to ensure that employees are aware of their rights in case of an injury or illness on the job. This could include having access to information about state laws and regulations, as well as understanding what type of coverage is available through a particular policy.
- Knowing their employer is looking out for them: By having Workers’ Compensation insurance, employers can demonstrate that they care about their employees’ safety and well-being. This can help create an environment of mutual trust between the employee and employer.
List of Workers’ Compensation Exemptions
As a business owner, you have the right to know whether your industry or employee’s job is covered under Workers’ Compensation. There are certain industries or occupations that could be exempt from Workers’ Compensation coverage, so it’s important to be aware of what types of employees you have and whether they are eligible for coverage.
Employees who could be exempt from Workers’ Compensation include:
- Certain employees of a private residence.
- Musicians and performers.
- Private unincorporated farm employees.
- Employees that are covered by certain federal laws.
- Employees of railroads involved with interstate or foreign commerce.
- Airplane crew members involved in spraying operations.
- Uncompensated officers and board members of certain non-profit organizations.
By understanding Workers’ Compensation coverage and who is eligible for it, you can ensure that your employees could be protected. Additionally, having insurance coverage in place can help protect your business from potential liabilities.
Should You Get Workers’ Compensation Insurance?
The thing with Workers’ Compensation is that it may be required in Louisiana if you have employees. Not having a policy can potentially cost you in the long run. Your business could be fined $250 or more for every employee, making the cost of not having insurance most likely higher than that of buying it. Moreover, the possibility of your business being shut down is likely if you are found to be uninsured.
Request a Quote Today
With the importance and benefits that a Workers’ Compensation insurance policy can provide to your business, you should consider getting one today. As a business owner, it is important that you help protect your employees and yourself. Request a quote today to find out how much coverage could cost. At PolicySweet, we can help you obtain a Workers’ Compensation insurance policy.
Give us a call or fill out our online form to get started!
Please Note: State-specific information is subject to change at any time. Always consult with your state’s official information and resources for the most accurate information.