According to CNN's Money Magazine, Lafayette is one of the best cities in the country for finding jobs. During previous years, this city experienced a 27.2 percent job growth. From companies within the oil and gas industry to medical and technical companies, this city is a great place to start any sort of business. If you have invested in an upstart company in this great Cajun city, you can benefit from the protection of a Lafayette, LA business insurance policy.
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Louisiana's Top Industries for Businesses with Employees
- Retail trade: 11,000 firms
- Professional, scientific and technical firms: 10,700 firms
- Healthcare and social assistance: 9,900 firms
- Construction: 8,600 firms
- Accommodation and food services: 6,100 firms
- Wholesale trade: 4,300 firms
No matter what your industry, a comprehensive business insurance policy can protect your business from suffering financial losses due to unanticipated problems or circumstances. Following a disaster or if you are on the wrong end of a lawsuit, your commercial insurance policy may be the only thing that can prevent your business from falling into bankruptcy.
The Importance of a Lafayette Business Insurance Policy
The state of Louisiana requires all businesses that have employees to purchase coverage for worker’s compensation and disability. Also, if your business uses vehicles, for delivery, transportation or construction, the state requires you to have a commercial vehicle insurance policy. In some cases, if you have taken out a large business loan or a mortgage on the building in which your business is owned, your lender may require you to carry a comprehensive commercial insurance policy to protect your business for the life of the loan.
On the other hand, if your business is a sole-proprietorship meant for self-employment, as is the case with approximately 80 percent of all of Louisiana’s small businesses, you are not mandated to carry any kind of business insurance. Regardless of whether a comprehensive commercial policy is required by law, it is a very good idea to protect your business and the investment that you have made in it with a solid Lafayette business insurance policy.
Revenues Generated by Businesses based in Lafayette
- Manufacturers’ shipments: $1.06 billion
- Merchant wholesaler sales: $1.39 billion
- Retail sales: $3.27 billion
- Retail sales per capita: $28,818
- Accommodation and food service sales: $516 million
Do not be misled into believing that, because your company is set up as a corporation or an LLC, your business is automatically protected against liability-related financial losses. These corporate business structures are designed only as a way to protect the business owner’s personal assets from liability charges that may be filed against the company. The business itself, however, remains exposed. To ensure that your company remains profitable, even in the face of a natural catastrophe, you need commercial insurance. A Lafayette business insurance policy can shield your company from losses and allow you to continue to operate your business without the risk of losing your investment.
Lafayette’s Occupations with the Highest Employment
- Trade, transportation, and utilities: 29,900 jobs
- Education and health services: 23,800 jobs
- Professional and business services: 18,400 jobs
- Mining and logging: 17,200 jobs
- Government services: 17,200 jobs
- Leisure and hospitality: 16,800 jobs
What Does Lafayette Business Insurance Cover?
There are many different types of businesses and they can vary significantly in size, industry and potential hazards. For this reason, commercial insurance providers offer business owners a variety of policy options. This enables you to customize your policy to meet your company’s unique coverage needs. Your Lafayette business insurance policy may provide coverage against:
- General, product and liquor liability charges
- Instances of perceived malpractice or negligence in provision
- Loss or damage caused by fire, weather, vandalism or theft
- Losses caused by employee crime such as embezzlement
- Compromised data if your company is a victim of cyber crime
- Lost income during a business interruption brought on by a covered event
As a resident of Louisiana, you should be aware that nearly all business insurance policies include exclusions for damages caused by floods. For complete coverage, you may want to consider supplementing your business coverage with a Lafayette flood insurance policy. Speak with a local insurance agent to learn more about the National Flood Insurance Program, or NFIP.
Find the Best Lafayette Business Insurance Policy
Because there are so many different variables when it comes to business insurance policies, you can benefit from the assistance of an independent insurance agent in our network. These agents can help you assess your business’s unique risks and coverage needs and can ensure that you are getting all the coverage you need without purchasing any of the coverage you do not.
Agents in our network can be found in thousands of locations across the county and many have offices right here in Lafayette. It is therefore easy to find a member agent close to you and set up an obligation-free meeting. You may be surprised by how much time and money working with these agents can save you.
Contact an agent today to get more information and start comparing a variety of Lafayette commercial insurance quotes.