Louisiana Workers Compensation Insurance: Quotes From $36/mo

Louisiana workers compensation insurance protects companies and employees from job injuries. This comprehensive coverage protects employees and helps firms follow state regulations. Louisiana workers compensation insurance promotes employee well-being, mitigates financial risks for businesses, and fosters workplace safety. Discover the various coverage options, regulatory requirements, and best practices for safeguarding your employees. Workers comp insurance Louisiana can boost productivity, morale, and business performance.

What is Workers Compensation Insurance?

Workers’ compensation insurance protects both employees and employers if a worker is injured or becomes unwell on the job. By law, all employers must hold workers’ compensation insurance. Louisiana workers compensation insurance covers medical treatment, rehabilitation, and wage replacement for employees recovering from work-related injuries or ailments.

This insurance protects businesses from workplace injury lawsuits and helps employees recover with medical and financial aid. By providing workers’ compensation insurance, firms can avoid costly legal fights and ensure their employees receive prompt care.


When Do You Need to Get Workers Compensation Insurance in Louisiana?

Employers with an annual payroll of at least $3,000 and one or more full-time or part-time employees are required by Louisiana workers compensation laws to carry workers’ compensation insurance. Businesses with the financial means to do so can either purchase their own insurance or join the State Insurance Fund. Employers have the option of purchasing workers’ compensation from private insurers, self-insuring through the State Insurance Fund, or joining a board-approved group self-insured plan. By following Louisiana workers comp rules, employees and companies are protected from work-related injuries and diseases.

Workmans comp louisiana insurance can benefit home-based workers. Workers’ compensation is available to employees working from home, freelancers, independent contractors, and small business owners. In the event of an accident or overwork, remote workers may be entitled to workers’ compensation. The person would be responsible for medical bills and missed pay without this coverage. Thus, home-based professionals can feel secure and confident with workers’ compensation insurance.


What Government Agency Oversees Workers Compensation in Louisiana?

The Louisiana_Workforce_Commission (LWC) is the state agency in Louisiana responsible for workers’ compensation. The commission uses state, federal, and private funds to provide training, job aid, regulatory services, and other services to promote occupational safety and employment in the state. The LWC coordinates job training, placement, and career information to enhance work prospects.  In addition, the  Louisiana workers compensation commission is committed to preserving the integrity of the Unemployment Benefits and Workers’ Compensation systems through its regulatory services. As the authorized agency, the Louisiana Workforce Commission is critical in establishing a favorable climate for businesses, employees, and job searchers while upholding the Louisiana workers comp laws.

The Louisiana Workforce Commission’s Workforce Support and Training department works with employers, employees, and government agencies to minimize unemployment. It offers regulatory, aid, and training services to produce a skilled labor force and keep a manageable and equitable workers’ compensation system. 

They prioritize high-quality, relevant training programs, flexible funding initiatives, and operations that are streamlined through integration and technology. In addition to increasing public understanding and acceptance of LWC initiatives and promoting the LWC as a source of employment information, one of their objectives is to encourage employer participation. In addition, they want to maintain a financially stable workers’ compensation program, monitor medical reimbursement, promote workplace safety, and ensure that reemployed injured workers are promptly compensated.

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Which Businesses Are Exempt from Getting Workers Compensation Insurance in Louisiana?

Some Louisiana businesses may not be required to carry workers’ compensation insurance. Typically, these exemptions apply to businesses that employ only family members or none. To protect against future claims, sole proprietorship and partnerships should still purchase a ghost policy that provides minimal coverage. Understanding the exemptions and significance of a ghost policy may help Louisiana businesses negotiate their workers’ compensation insurance requirements. The following companies are exempt from obtaining workers’ compensation insurance in Louisiana:

  • Musicians and performers under performance contracts: Since Louisiana is an entertainment center, musicians and artists under performance contracts are excluded from workers’ compensation insurance

  • Employees of private homeowners and unincorporated properties

  • Aircraft crew members engaged in dusting or sprinkling operations

  • Officers and participants of nonprofit organizations who are uncompensated

  • The Jones Act, the Longshoremen’s and Harbor Workers’ Compensation Act, or the Federal Employer’s Liability Act cover workers who are protected by these laws

  • Licensed real estate agents or brokers

  • Landmen providing services associated with the exploration, development, production, or transportation of minerals

  • Employers engaged in interstate or international commerce by railroad who serve as common carriers

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How Much Money Does Louisiana’s Workers Compensation Insurance Give?

The severity of the injury, the employee’s typical weekly earnings, and the degree of disability determine payouts under Louisiana workers compensation guidelines when filing a claim. The criteria ensure that injured workers receive fair and reasonable compensation for medical bills, lost pay, and rehabilitation.

  • Temporary Total Disability Benefits: If a work-related sickness or accident prohibits you from working, Louisiana may offer temporary total disability (TTD) compensation. Disability benefits are not paid for the first week.Subject to a maximum and minimum, two-thirds of your weekly wage at the time of injury.The pay ranges from 20% to 75% of the state’s average weekly income. TTD payments range from $188 to $705 per week for injuries occurring between September 1, 2020 and August 31, 2021. TTD compensation will be paid until medical professionals determine that your disability is permanent.

  • Permanent Partial Disability Benefits: Those who are permanently disabled yet able to work may be eligible for permanent partial disability (PPD) compensation. Louisiana uses two methods to calculate how long these payments will last and how much money you will receive.

  • Temporary Total Disability Benefits: Regardless of your education, training, or other credentials, you must demonstrate in Louisiana that you are physically unable to work, including self-employment. If you meet this restricted requirement, you will be entitled for weekly payments at your TTD rate for the duration of your impairment.

  • Supplemental Earnings Benefits: Louisiana may provide additional earnings compensation if your injury stops you from earning 90% of your pre-injury income. Two-thirds of your prior wages minus your current earning potential in any area determines these benefits. If you made $3,000 per month before your accident but now make $1,800, you would receive $800 per month, or two-thirds of $1,200.Supplemental Earnings Benefits can last up to 520 weeks.

  • Medical Benefits: Your company must cover all workplace injury medical costs without copayments or deductibles. Medical travel expenditures may be paid as well.

  • Death Benefits: If a worker dies within two years of obtaining medical care for a work-related injury, his or her dependents are entitled to burial benefits in Louisiana. Typically, a percentage of the dead employee’s pre-injury compensation is reimbursed regularly. If the dead employee has no legal dependents, the biological and adopted children will receive a lump sum of $75,000 to cover burial expenses. Louisiana provides proper funeral coverage up to $8,500.

  • Catastrophic Injury Benefits: Louisiana provides a one-time payout of $50,000 for catastrophic industrial injuries, such as third-degree burns covering at least 40% of the body, quadriplegia, paraplegia, or the loss of two extremities or both eyes, in addition to other benefits.


How Long Will an Employee Wait Before Receiving Benefits?

The Louisiana workers compensation waiting period is a fundamental component of the state’s system. In Louisiana, injured workers must be out of work for seven days before receiving salary benefits. The employee receives wage compensation for the first seven days of a 14-day disability. The initial payment of these wage benefits is scheduled to begin on the fourteenth day after knowledge or proof of disability.  The injured worker receives weekly salary compensation. These weekly wage benefits are 66 2/3 percent of the employee’s average weekly wage and are tax-free. However, it is essential to note that these wage benefits have a maximum rate, which is currently set at $605.


Penalties for Not Getting Workers Compensation in Louisiana

Employers who fail to comply with Louisiana workers compensation requirements may face penalties. Fines for first offenses are $250; fines for subsequent offenses are $10,000. Workers who deliberately lack insurance may spend a year in prison. These fines emphasize the importance of adhering to Louisiana’s workers’ compensation regulations, which ensure that employers fulfill their obligation to provide adequate coverage for employees who sustain work-related injuries or ailments.

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Louisiana Workers Compensation Insurance Cost

Workers compensation insurance in Louisiana is $83 per month or $996 per year. This cost estimate assumes that you’re a general contractor in the state. The table below provides a more solid foundation of Louisiana worker’s compensation rates by showing how much the best companies charge small businesses:

Cost Per Month Cost Per year Best for
NEXT $36 $432 Best overall; Fastest workers compensation insurance
Hiscox $41 $492 Businesses that value customized workers’ compensation insurance
Thimble $53 $636 On-demand insurance coverage for businesses
CoverWallet $78 $936 Comparing workers compensation insurance quotes online
The Hartford $88 $1,056 Workers compensation insurance with numerous benefits
Tivly $103 $1,236 Comparing workers compensation insurance quotes over the phone


Factors Influencing the Cost of Workmans Comp Insurance in Louisiana:

Here are some factors affecting the cost of workers compensation insurance in Louisiana: 

  • Claim history of the business: If your organization has a history of frequent or costly claims, your rates may be higher. Insurance prices may be reduced with a good claims history.

  • Work types performed by employees: Premiums may be higher in industries with more inherent dangers and worker injuries. Dangerous or strenuous jobs may require more covering, raising costs.

  • Total annual payroll: The entire annual payroll of a corporation affects its workers’ compensation insurance premiums. Insurance coverage is based on employee remuneration, therefore higher payroll levels usually mean higher premiums.

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Best Louisiana Workers Compensation Insurance Companies

Businesses in Louisiana have several dependable workers’ compensation insurance providers to choose from. The workers compensation insurance companies in Louisiana below offer comprehensive coverage and personalized solutions to fit the state’s employers’ needs. 

These companies offer reliable insurance and fast claims processing to safeguard employees and reduce workplace risks. Businesses may ensure they have the proper coverage, handle the intricacies of workers’ compensation, and prioritize staff safety and well-being by collaborating with one of these premier Louisiana workers compensation insurance carriers.


NEXT 


Pros 

  • Flexibility: You can tailor your coverage and change or cancel it at any time

  • Convenience: Submit a claim, change your plan, or contact support using your phone or computer

  • Affordability: Bundling and/or paying annually can help you save money and earn additional discounts on most plans

  • Offer policies that are tailored to industry type and requirement

  • Apply for coverage in as little as ten minutes


Cons 

  • Claims may take some time to resolve if there is significant damage to cover

NEXT Insurance provides workers’ compensation insurance to the state of Louisiana. Their Insurance delivers fast and effective services to state agencies. Their cutting-edge technology and customer-centric approach make claims processing and personalised help a breeze. Businesses in Louisiana can turn to NEXT Insurance for workplace accident protection and risk management.

Best for: Best overall; Fastest workers compensation insurance

Average cost: $36 per month

Our rating: 10/10


The Hartford


Pros

  • More than 50,000 customer ratings and a great overall ranking

  • A quick online quotation generator that can generate pricing data in under 10 minutes

  • Over two centuries of experience as a trustworthy insurance provide

  • Outstanding client service


Cons

  • In certain regions, coverage is limited

The Hartford is a well-known Louisiana insurance provider specializing in workers’ compensation insurance. Because of its substantial presence in the state, The Hartford has earned a reputation as a reliable and trustworthy partner for businesses looking for complete protection. They can give customized solutions to the specific demands of businesses operating in the state due to their in-depth understanding of Louisiana’s regulatory environment and industry-specific difficulties.

Best for: Workers compensation insurance with numerous benefits 

Average cost: $88 per month

Our rating:  10/10

Tivly 


Pros 

  • Simple quotation process

  • Real-time analytics to enhance customer satisfaction

  • Shops over 200 partners for quotes.

  • Expedited online quote generator


Cons 

  • There is no live chat


Tivly supports Louisiana small companies in finding the best insurance carrier for their needs. Tivly ensures tailored and uncomplicated connections with pre-qualified carriers through a detailed intake approach and consumer profiling. 

Louisiana firms can purchase workers’ compensation insurance through Tivly’s online commercial insurance marketplace. Tivly makes it simple for Louisiana business owners to compare workers’ compensation insurance companies. Call now and talk with a representative to compare workers compensation insurance quotes over the phone. 

Best for: Comparing workers compensation insurance quotes over the phone

Average cost: $103 per month

Our rating: 10/10


Thimble 


Pros 

  • They insure over one hundred categories of small businesses 

  • You can obtain an insurance certificate promptly.

  • Can provide a quotation in thirty seconds.


Cons 

  • Customer service is only offered online.

Thimble is a recognized insurance company that provides complete workers’ compensation insurance in Louisiana. Thimble, as a top provider, understands the unique demands of businesses in the state and provides solutions that are designed to meet those needs. Thimble’s revolutionary platform simplifies the insurance process, allowing business owners to personalize their coverage and receive workers’ compensation insurance quickly and easily. 

Best for: On-demand Insurance coverage for businesses

 Average cost: $53 per month

Our rating: 9/10


Hiscox 


Pros 

  • Customizable policies and coverages for enterprises of all sizes.

  • Emphasis on effective consumer representation and prompt service

  • Reputable

  • Outstanding evaluations of customer service


Cons 

  • You may not be able to purchase all the necessary coverage directly from Hiscox.


In Louisiana, Hiscox is a respected provider of workers’ compensation insurance. Based on their expertise and experience, Hiscox tailors solutions to the needs of state-owned companies. Businesses in Louisiana benefit from specialist assistance ranging from policy selection to claims administration due to their exceptional customer service. Hiscox’s trustworthy coverage protects firms and employees from workplace accidents and injuries.

Best for: Businesses that value customized workers’ compensation insurance

Average cost: $41 per month

Our rating: 8/10

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