A world-famous cultural center, the "Big Easy" is the most populated city in Louisiana. It is famous for its culture, cuisine, music and, of course, the Mardi Gras celebration. Whether you prefer touring the area's many historical sites, taking in the beautiful homes in the Garden District or partying on Bourbon Street, New Orleans offers something for everyone. Because tourism is a major industry in this city, there are several small businesses that cater to this industry. There are also a variety of large multinational companies operating in oil, shipping, and medical services. Whatever the size of your business, you will need to protect it with a suitable New Orleans, LA business insurance policy.
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Small-Business Industries that Employ the Most Louisianans
- Healthcare and social assistance: 276,600 jobs
- Retail trade: 229,900 jobs
- Accommodation and food services: 183,700 jobs
- Manufacturing: 134,800 jobs
- Construction: 133,400 jobs
- Administrative support and waste management: 105,800 jobs
With different types of business industries come different types of risk. A business venture that sells T-shirts in the French Quarter does not have the same liability risks as one that engages in oil refinery services. Fortunately, business insurance can be tailored to fit each company’s unique coverage needs and can protect every type of company from unexpected expenses.
Is a New Orleans Business Insurance Policy Required?
Certain types of insurance policies are mandatory for certain types of businesses. For example, if your business has employees, as is the case with only about 21 percent of the small businesses in the state, you will be required to carry worker’s compensation, disability, and unemployment insurance. If your business uses company cars or trucks, the state will require you to have commercial vehicle insurance. And if you have taken out a business loan, your lender may require you to have a comprehensive business insurance policy.
Whether or not you are required to carry commercial insurance, the benefits of this coverage cannot be understated. Several small businesses that have closed their doors or filed for bankruptcy could have avoided doing so if they had only had a business insurance policy in place. You have likely invested a lot of time and money into your business, so it is well worth the cost to properly insure it.
Occupation Types with the Most Employees in New Orleans
- Trade, transportation, and utilities: 106,600 jobs
- Education and health services: 80,300 jobs
- Government jobs: 75,500 jobs
- Leisure and hospitality: 75,000 jobs
- Professional and business services: 72,500 jobs
- Construction and extraction services: 32,600 jobs
- Manufacturing services: 30,300 jobs
As a business owner, you can protect your personal assets from any liability charges that may be levied against your company by setting it up as an LLC or a corporation. The business itself, however, remains vulnerable unless protected by a New Orleans business insurance policy.
Revenues Generated by New Orleans-Based Businesses
- Merchant wholesaler sales: $1.94 billion
- Accommodation and food service sales: $2.15 billion
- Retail sales: $2.72 billion
- Retail sales per capita: $9,434
What Does New Orleans Business Insurance Cover?
Commercial insurance coverage needs can vary greatly from company to company. Business insurance policies are therefore designed with many different coverage options so that you can build a customized policy that is appropriate for your particular New Orleans commercial venture. The basic coverage options offered by business insurance policies include the following:
- Liability coverage: Your company may be sued for any number of liability-related incidents. These can include malpractice, negligence in provision, faulty product design or injuries sustained by third-parties while at your place of business. Liability insurance coverage will cover you against these expenses as well as cover your court costs and legal fees. There are several different types of liability coverage available for businesses. You need only purchase those that are relevant to your particular industry
- Property coverage: If your business experiences property loss or damages caused by weather, fire, theft, vandalism or any other covered event, your insurance policy will provide compensation for your losses. Business policies rarely cover flood damage, however, and given New Orleans’ propensity for flooding, it is necessary to purchase a separate Louisiana flood insurance policy if you want to fully protect your business.
- Lost income coverage: If your company faces an interruption in production or sales because of forced closure caused by a covered event, your business insurance policy will provide compensation so that the financial loss does not affect your business’s bottom line. This coverage should be adequate to allow you to pay your monthly expenses and employee salaries. Unfortunately, lost income coverage will not provide you with a continuation of income if your business is forced to close temporarily because of flood damage.
Find Affordable New Orleans Business Insurance
Because businesses types and industries are so varied, there is no such thing as a one-size-fits-all commercial insurance policy. When shopping for the right policy for your company, you can benefit from the assistance of an agent in our network. These agents can help you assess your business’s unique risks and coverage requirements and can ensure that the policy you choose provides the coverage you need at a competitive rate.
Member agents in our network have offices in more than 27,000 locations across the U.S. and many of them are located right here in New Orleans. Set up an obligation-free meeting with an independent member agent near you and see how much time and money you can save.
Contact a local agent now for more information and you can start comparing New Orleans commercial insurance quotes today.