Shreveport Business Insurance

Shreveport is the third-largest city in Louisiana and serves as headquarters for many businesses including Royale Airlines and Standard Oil of Louisiana. Of course, not all companies based in this vibrant Southern city will reach multi-million dollar revenues, but it is possible to create a business that can provide an income sufficient to lead a comfortable lifestyle. If you have started your own business venture in this city, you will want to be sure to protect it properly with a Shreveport, LA business insurance policy.

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Top Business Industries for Employment in Louisiana

• Healthcare and social assistance: approximately 276,600 jobs
• Retail trade: approximately 229,900 jobs
• Accommodation and food services: approximately 183,700 jobs
• Manufacturing: approximately 134,800 jobs
• Construction: approximately 133,400 jobs
• Administrative support and waste management: approximately 105,800 jobs

Each different business industry comes with its own unique set of risks. Your Shreveport commercial insurance policy can be custom built to cater to the unique coverage needs of your particular business type and industry.

Is Shreveport Business Insurance Mandatory?

You may be required by your financial institution to carry a business insurance policy if you have taken out a business loan or a mortgage on your business property. Also if you rent the building or office space in which your business is housed, it is possible that this type of insurance coverage may be required as part of the terms of your lease.

Most businesses, however, are not under any obligation to purchase a business insurance policy. This is not to say that this coverage is unimportant. More than 750 Louisiana businesses filed for bankruptcy in previous years, and many of these bankruptcies could have been prevented had there been a business insurance policy in place. If you have invested a lot of time and capital into your small business, it only makes sense to protect so that it can remain profitable.

Revenues Generated by Businesses Based in Shreveport

• Retail sales: $3.24 billion
• Retail sales per capita: $16,293
• Accommodation and food service sales: $661 million

Many Louisiana companies are set up as an LLC or a corporation to protect the personal assets of business owners if the company is sued for liability. These business structures do not, however, protect the company in any way. Only a Shreveport business insurance policy can fully protect your business from the financial devastation that can result from a liability suit.

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What Does Shreveport Business Insurance Cover?

Different companies have different risks. A business that provides medical care and treatments, for example, does not have the same liability risks as a company that designs and manufactures goods. Insurance providers understand this and have created commercial insurance policies that can be customized to fit the coverage needs of any type of business. Coverage options include:

• Liability coverage: This will provide coverage if your business is held liable for injuries or damages to a third-party. It will also compensate you for any related court costs and legal fees. There are a variety of different liability insurance types available and you can opt to purchase only the type or types that are relevant to your particular company. The most commonly purchased liability coverage includes:
  • General liability: This will provide compensation if someone is injured in your place of business or if one of your employees causes an injury or property damage to a third-party while working off-site.
  • Product liability: If your business manufactures products and there is a design flaw or defective product that causes illness or injuries to others, this insurance will provide coverage for any resultant charges.
  • Professional liability: This protects businesses that provide services, such as professional or medical, in the event they are sued for negligence in provision or malpractice.
  • Liquor liability: This is required if you own a bar or any other establishment that sells and serves alcoholic beverages. It will cover you if an intoxicated patron causes property damage to another.
• Property coverage: If your business experiences property damage or loss as the result of such causes as fire, extreme weather, vandalism or theft, your property coverage will compensate you for your loss. Flood damage, however, is rarely covered by these policies. As a Louisiana resident, you need to be sure that you are familiar with the coverage exclusions made by your insurance provider and purchase a separate Shreveport flood insurance policy if necessary.
• Lost income coverage: If a covered event forces your business to temporarily close or results in a significant interruption in your production or sales, this coverage will provide a continuation of income so that you can continue to pay employee salaries and make payments on your normal monthly business expenses.

Find an Appropriate Shreveport Business Insurance Policy

There are many different kinds of businesses in Shreveport and each faces its own particular risks and hazards. This is why there is no such thing as a one-size-fits-all commercial insurance policy. When shopping for this type of insurance, you can benefit from the assistance of an independent agent in our network. These agents can help you assess your company’s coverage requirements and can then help you review a variety of policies that can meet these needs. Our network representatives have offices in thousands of locations nationwide, and many can be found right here in Shreveport. It is therefore easy to set up an obligation-free meeting with a member agent near your home or business to get more information. 

Contact a local independent agent today and you can start comparing competitively-priced Shreveport commercial insurance quotes in no time.