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Key Terms to Understand When Shopping for Business Insurance in Louisiana

Helpful Suggestions from the Team at The Nowell Insurance Agency

Whether you are just starting out or have been in business for years, it pays to have the right coverage in place for unexpected events that threaten your enterprise. Shopping for business insurance can be daunting and a little confusing. When you do not understand the terms being used, you may feel like you are comparing oranges to bananas instead of apples to apples.

Make the best decision based on a clear understanding of terms to ensure you purchase the right types of policy for your Louisiana company. The knowledgeable team at The Nowell Agency helps entrepreneurs, small business owners, and the self-employed with all their business insurance needs. Talk with us today and see how we can make a difference for you and your organization.

3 Insurance Terms You Need to Understand

Once you get these terms right, finding the best policy at the right rate will be much easier and less intimidating:

  1. Premiums: This is how much you will pay for your plans. To ensure that you are continuously protected, your premiums should always be paid on time. Typically, they will be due monthly, quarterly, semi-annually, or annually. If you fail to pay your premium, your policy will lapse (i.e. be canceled). If you still do not pay after the grace period, your company is left vulnerable to any future losses.
  2. Policy Limits: How much an insurer will pay to settle any claims is called a policy limit. The size of the limit depends on how much coverage is bought. There are two types of insurance limits, per-occurrence and aggregate. Per-occurrence limits mean that the funds of the policy provide payment for one specific event. Aggregate limits will pay for all covered claims that occur during the period of the policy.
  3. Deductibles: You may be required to pay some money out of pocket before your business insurance policy kicks in. This payment is referred to as your deductible. There are different ranges in the deductible amounts based on the insurer — generally, the higher your deductible, the lower the premium.

The rates you pay will be based on a variety of factors, including the type of insurance, amount of coverage, policy limits, and deductible amount. There are other ways to lower the amount you pay. Your business insurance broker will work with you to find the best rates for your general liability, cyber-insurance, or commercial fleet insurance.

Make an Informed Decision with Help from The Nowell Agency

Ensure that you are choosing the right business insurance coverage by making sure you understand the terms used. The experienced brokers at the Nowell Agency work with a wide range of industries to find owners like you, the best policies at reasonable rates. Call us today and experience the difference.

Call one of our offices near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency about Louisiana business insurance. Request a quote online.


The Nowell Agency is committed to providing you with fast and efficient service. If you would like a quote on any of our products please complete the short form below and click submit.

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    The Nowell Agency has been my primary agent for many years and they are attentive, well-staffed, and easy to talk to. Their agency has helped me through state to state moves and career change and kept my assets covered.

    James G.

    My very first insurance experience was when I bought my first house and I called the Nowell agency for a quote. I had no idea what I needed or how much and they were so very kind and knowledgeable and explained everything to me in detail which I so much appreciated. That has been 4 years ago and im still a customer never plan to leave.

    Ashleigh D.

    I have been very pleased with the quick and professional service by the Nowell agency. My agent was very efficient at locating a policy that met my needs and budget. Thank you to Kristy and the Nowell agency for providing me with fantastic customer service. I highly recommend this agency. You will not be disappointed.

    Tripp W.


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