Professional Liability Insurance Louisiana Policy Information
Professional Liability Insurance Louisiana. Our society is a litigious one, and if you are a professional doing business in today's world, then you need to be prepared for claims and lawsuits that can wreak financial havoc on your personal assets. A professional liability policy, aka errors and omissions (E&O) is a must for all professionals, including medical professionals, who are among the most likely type of professionals to be targeted by litigants. With more than $3.3 billion paid out in calendar year 2013 to claimants in medical lawsuits, it makes sense to insure yourself with the most comprehensive professional liability insurance Louisiana possible.
Medical professionals are not alone in their plight. Lawyers, attorneys, and others in the legal profession are quickly becoming a target for litigation. Every attorney in practice today has a 17 percent chance of being the center of a litigious suit in any given year, according to the American Bar Association.
Professional liability insurance Louisiana protects your practice from negligence lawsuits with rates as low as $67/mo. Get a fast quote and your errors and omissions (E&O) insurance now.
No professional is safe from a liability claim. Any person whose job is to provide guidance or advice can end up being sued. Professionals who are common targets include architects, consultants, designers, accounting professionals, financial advisers, and practitioners of wellness and health practices. Even knowing the inherent risks of their fields, a lot of professionals forego the purchase of errors and omissions (E&O), and many find themselves wishing that they had.
While most people know what medical malpractice insurance is, many have never heard of professional liability insurance Louisiana. While its specific definition varies based on which profession is seeking insurance, it usually protects against liability from errors and omissions made by professionals when providing professional services to clients. Essentially, professional liability insurance Louisiana covers negligence or mistakes that cause your client's financial loss. It is a different type of policy than property damage insurance or bodily injury coverage.
In addition to covering awards for claims (up to the declared limits of the policy), a professional liability insurance Louisiana policy also covers any associated legal costs. Since defending yourself in court can come with astronomical legal fees, sometimes running $100K or more, this errors and omissions insurance can be a godsend if you face a claim.
What Does Professional Liability Insurance Cover?
Some common types of insurance that covers professional liability include:
- Malpractice insurance. This insurance is only for medical professionals and people in the healthcare industry. It guards against loss from flames due to mistakes or negligence.
- E&O insurance. Errors and omissions liability coverage. With this coverage, you are protected from claims for giving faulty advice or counseling a client when the advice you give leads to a financial loss. Architects, designers, insurance agents, stock brokers, real estate agents, consultants, and lawyers should carry this valuable professional liability insurance Louisiana coverage.
- D&O insurance. Directors and officers liability insurance handles the specific risks of directors, officers, and other high-ranking executive professionals. This coverage pays for claims from scenarios such as the release of information deemed confidential, poor investments made by the officer, unlawful acts, firing and hiring issues, conflicts of interest, and gross negligence.
- Occurrence insurance. This policy pays for expenses when a covered incident occurs, even if the policy lapses, as long as the event occurs while the policy is in force.
Which Professionals are Most Likely to Face Suits?
Although there are an endless number of professionals who can be sued for in a liability action, some are more prone to litigation. While doctors and lawyers are the most frequently sued (so much so that some states require that they carry malpractice coverage), others are also vulnerable, including accountants, graphic designers, engineers, insurance professionals, management consultants, and software developers.
Scenarios Where Professional Liability Insurance is Crucial
Reviews these scenarios to help you understand the nuances of how professional liability insurance Louisiana can benefit different professionals.
- Financial advisors. Regardless of claim legitimacy, if a client's investments fail of if the client has not been fully advised of his risk before making an investment, the financial advisor can face a claim.
- Lawyers. When a lawyer misses a deadline or date, litigation can be pursued, often successfully so. With or without merit, professional liability insurance can help.
- Private investigators. A PI who supplies incorrect information to a client can face a claim if a financial loss occurs.
- Consultants. If a consultant makes a mistake that can cause a business shut down or a website shut down, then a lawsuit may result.
- Contractor. A contractor or a subcontractor working under the contractor who performs shoddy work faces potential lawsuits.
As you can see, there are various ways that a client can target a professional with a claim. Protect yourself to the fullest by reviewing your professional liability insurance Louisiana policy needs with a seasoned agent who can recommend the best types of errors and omissions policies and limits that cover all potential perils you face.
Louisiana Economic Data, Regulations And Limits On Commercial Insurance
If you are a business-minded individual who is either thinking about starting a new business or who wants to expand an existing business by opening a division in a new state, it's important to choose a location that offers favorable conditions.
In business, it doesn't matter how high-quality the products and services you offer are, if the products and services don't appeal to the market, you likely aren't going to succeed. With that said, if you are interested in starting a business in the state of Louisiana, having a basic understanding of the economic trends is important.
It's also a good idea to know what type of insurance you'll need to carry, as certain commercial policies are compulsory in the state.
Below, we provide an overview of economic trends of the Creole State to determine if it's the right location for your operation.
Economic Trends For Business Owners In Louisiana
Unemployment rate is a good indicator of a state's economy. The lower the unemployment rate, the more advantageous the environment will be for prospective business owners. Unfortunately, the unemployment rate of Louisiana is higher than the national average; as of December, 2019, the rate was 4.9%, which was 1.5% higher than the national average of 3.5% at the same time.
Additionally, the unemployment rate has increased; it was 4.3% in July of 2019, 4.5% in October, and 4.7% in November of the same year. However, despite this, the unemployment rate has decreased in recent years, which does show promise for entrepreneurs who are thinking about starting a business in the state.
The best spots to start a business in LA are large cities and the suburban areas that surround them. The following cities have seen the most significant industrial growth:
- Baton Rouge
- Lake Charles
- New Orleans
Businesses in various industries do well in the state of Louisiana; however, there are specific sectors that are seeing substantial growth. Those industries include:
- Advanced manufacturing
- Commercial fishing
- Crude oil
- Natural gas production
- Software development
- Water management
Commercial Insurance Requirements In Louisiana
The Louisiana Department of Insurance regulates insurance in LA. Louisiana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Louisiana requires you to have worker's compensation insurance if you hire even one employee on a regular basis or must be approved for self-insurance. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Louisiana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employers Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
- Workers Compensation Insurance
- Workers Compensation Insurance Laws
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free Professional Liability Insurance Louisiana quote in Abbeville, Alexandria, Baker, Bastrop, Baton Rouge, Bayou Blue, Bayou Cane, Belle Chasse, Bogalusa, Bossier City, Breaux Bridge, Bridge City, Broussard, Carencro, Central, Chackbay, Chalmette, Claiborne, Covington, Crowley, DeRidder, Denham Springs, Destrehan, Donaldsonville, Eden Isle, Estelle, Eunice, Fort Polk South, Franklin, Galliano, Gardere, Gonzales, Gray, Gretna, Hammond, Harahan, Harvey, Houma, Inniswold, Jefferson, Jennings, Kenner, Lacombe, Lafayette, Lake Charles, Laplace, Larose, Leesville, Luling, Mandeville, Marrero, Meraux, Merrydale, Metairie, Minden, Monroe, Morgan City, Moss Bluff, Natchitoches, New Iberia, New Orleans, Oak Hills Place, Oakdale, Old Jefferson, Opelousas, Patterson, Pineville, Plaquemine, Ponchatoula, Prairieville, Prien, Raceland, Rayne, Red Chute, Reserve, River Ridge, Ruston, Schriever, Scott, Shenandoah, Shreveport, Slidell, St. Gabriel, St. Martinville, St. Rose, Sulphur, Tallulah, Terrytown, Thibodaux, Timberlane, Village St. George, Ville Platte, Violet, Waggaman, Walker, West Monroe, Westwego, Woodmere, Youngsville, Zachary and all other cities near me in LA - The Pelican State.
Also find Louisiana insurance agents & brokers and learn about Louisiana small business insurance requirements for general liability, business property, commercial auto & workers compensation including LA business insurance costs. Call us (318) 232-4100.