Best Workers' Compensation Insurance in Louisiana (2024)

MoneyGeek identified the top providers of workers' compensation insurance in Louisiana by evaluating affordability, financial stability, customer satisfaction scores and the time it takes to obtain a quote online. Based on the findings, Thimble offers the best coverage.

Workers’ comp insurance in Louisiana minimizes liability costs for small business owners by covering employee-related injuries, ongoing care and lost wages and death benefits, among others.

We ranked Thimble as the overall best workers’ comp insurance provider in Louisiana, with a MoneyGeek score of 94 out of 100. The company’s policies cost an average of $161 per month, although actual rates may vary due to several factors, including the business size, number of employees and industry of operation.

The most affordable workers’ comp insurance in Louisiana is from Thimble, with coverage costing an average of $161 per month. The insurer has the lowest premium for businesses with $1,250,000 in annual payroll costs and 20 employees, but actual premiums will vary for different employee counts and payroll costs.

Although we rated workers’ insurance comp providers in this category based on the monthly premiums, the most affordable company for your business may vary depending on many other factors. The following table can help you compare monthly costs across different providers for a business with 20 employees in Louisiana.

For Louisiana micro businesses with an employee count of five and $312,500 as the annual payroll cost, biBERK outshines other workers’ compensation insurance providers in our scoring system. The insurer earned a MoneyGeek score of 97 out of 100, with an average monthly premium of $77.

Although the employee count influences workers' insurance costs, payroll costs impact the rates more. Micro businesses typically feature between one and nine employees.

Thimble is our top pick for the best workers’ compensation insurance in Louisiana if you run a midsize business with approximately 100 employees. Coverage from this insurer costs an average of $716 per month based on rates for a business with an annual payroll amount of $6,250,000.

Although the cost of workers’ compensation insurance fluctuates with the employee count, payroll generally has more influence in determining the monthly premiums.

The average monthly workers' compensation insurance premium for a business with 20 employees in Louisiana is $217. This average rate is slightly higher than the national monthly average of $168.

For this analysis, our sample policy limits were as follows:

• $1 million total policy limit
• $1 million per accident limit
• $1 million per employee limit

The total policy limit refers to the maximum amount the insurer covers within the policy period, which is $1 million for our sample profile. The same maximum amount applies to a single accident and each employee. Any costs above these limits get covered out-of-pocket.

Employee count and annual payroll costs are two of the primary factors that influence workers’ compensation insurance rates. The following table indicates how average premiums vary for businesses with five, 20 and 100 employees.

Workers’ compensation insurance rates differ for each business based on factors like the annual payroll costs, number of employees, employee class code and claim history.

Businesses with at least one employee require workers’ compensation insurance in Louisiana, with the exemption of the following:

• Certain private residences and private unincorporated farm employees
• Certain performers or musicians
• Employees who are covered by specific federal regulations
• Railroad employees and those in foreign or interstate commerce
• Employees engaged in spraying or dusting operations within airplanes
• Landmen
• Board directors and uncompensated officers for some non-profit organizations

Although your business may legally not require workers' compensation insurance, it is recommended that you purchase the coverage to ensure you are safeguarded from liabilities associated with workplace injuries.

Businesses can purchase coverage through the private market or via a state fund. Some employers in Louisiana may also become self-insurers if they have sufficient financing by formulating a self-insurance plan and submitting it to the Department of Insurance for review.

Workers' compensation insurance in Louisiana provides various benefits to the business and employees by covering the following:

• Medical costs: If an employee becomes ill or gets injured while at work, workers’ compensation pays the medical expenses, including ambulance rides, treatment, surgery and prescription drugs.
• Lost wages: If an incident happens at work that makes employees incapable of working for weeks or months, this coverage may offer a parietal wage replacement during the recovery period.
• Ongoing care: Employees with injuries that need long-term care may have their workers’ comp cover the cost of ongoing care if they file a claim and it gets approved.
• Death benefits: If an employee passes away due to an incident at work, workers' compensation insurance may cover funeral costs and other death benefits.

Note that the employer is the policyholder for this type of insurance.

The Louisiana Workforce Commission handles workers’ compensation activities for businesses in the state. Employers and employees may use the commission's website to find resources about their coverage, report injuries and file claims. You can use the following steps to file a claim through the commission's website:

• Click the enroll now link under LWCC Interactive
• Complete the enrolment process using your policy number and security code
• Finalize account setup to file your claim

Employees may also obtain guidance regarding the claims process from their employer.

The best ideal workers' compensation insurance provider for your needs depends on various factors. Here are some answers to common questions about obtaining the best workers' compensation insurance in Louisiana.