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All employers are required to carry Workers' Compensation Insurance in Louisiana with a few exclusions.
Sole Proprietors, Partners, Corporate Officers, and LLC Members are all included in coverage, but have the opportunity to elect to be excluded.
LLC Members can elect to be exempt if the member owns 10% or more interest in the company.
Employers who are hiring musicians and performers who are rendering services related to a performance contract are not required to carry workers' compensation coverage.
Employees covered by the Federal Employer's Liability Act, the longshoreman's and Harbor Workers' Compensation Act and the Jones Act are exempt from coverage.
Uncompensated officers and members of boards of directors of select non-profit organizations are exempt from coverage.
Any person performing services relating to the exploration, development, production, or transportation of minerals is exempt from coverage.
Sole Proprietors and Partners who are included for coverage must do so at a payroll of $46,100.
Corporate Officers and LLC Members who are included for coverage must use a payroll of no less than $900 ($46,800 Annual) and no more than $2,600 ($140,400 Annual) per week.
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Workers' compensation is a commercial insurance product categorized as Property & Casualty insurance (P&C Insurance). Even though workers comp is calculated using estimated payroll wages and class codes, premium is still a separate business expense from the cost of payroll. Business owners may treat the cost of coverage as an expense on their taxes.
Work comp rates for all job classification codes are always expressed as a percentage of $100 in wages. An annual policy is always subject to an audit because it was based on estimated wages and not actual wages.
Here is an example using two class codes with different estimated payroll for each class code:
In order to calculate the cost of the policy you only need to multiply each rate with its divided payroll. It benefits employers to re-calculate their premium as their payroll becomes larger than originally anticipated.
Every state has their own rules for how employees must be covered and how they must be classified for rating premium. A lot of states use state specific class codes and have different requirements for who is obligated to carry workers' compensation insurance coverage.
If you have employees that travel out of state for work, or they work in multiple states throughout the year, you may need to purchase insurance for all the states where your workers are located and working. In most cases, you can add multiple states to one policy.
Workers' Compensation Insurance in Louisiana can be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool, or State Insurance Fund, is available for employers who are unable to find coverage from a private company. WorkersCompensationShop.com can help you navigate your best options.
Policy premium is based on numerous factors including: class codes assigned to your business and employees, estimated payroll, covered states, prior policies, owner experience and previous insurance claims.
We've developed Pay As You Go workers compensation programs that reduce or eliminate premium deposits and allow Louisiana employers to report and pay premium based on actual payroll wages. Protect your business from audits.
We've negotiated special deals with many of our insurance partners. We offer more flexible payment options, like 12 equal installments plans and monthly reporting programs, to help improve cash flow for our business owners.
It is our goal to be the #1 national agency in Louisiana for Workers Comp Coverage. We partner with over 35 insurance companies eager to quote your policy. Because of our large network, we are confident we can find you the lowest rates.
LA Workers' Comp Specialists
In 2018, Louisiana Workers Comp Rates were 20% higher than the national average. Don't get stuck paying too much for you Workers' Compensation Insurance. Let us shop for rates amongst our network of more than 35 Workers Compensation Providers in the state of Louisiana.
Help with LA Class Codes
Insurance rates vary significantly between NCCI classification codes. Let our LA Workers Compensation Specialists help you determine your correct workers compensation class codes before you buy a policy. We'll help make sure your business is properly covered.
Fast Workers' Comp Quotes
We make the process of getting workers compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.
Compare Rates With More Carriers
We're a National Agency, and we have tons of carriers offering work comp in Louisiana. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lowest rates, bigger discounts, and more policy credits when we request a quote.
THE RIGHT QUOTE MAKES A DIFFERENCE.
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