Commercial Insurance

What You Should Know About Small Business Insurance Quotes

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Key Points
  • Quotes aren’t one-to-one comparisons, so ensure you’re comparing equivalent coverage—such as BOPs versus BOPs—with the same limits, deductibles, exclusions, and add-ons to avoid surprises like missing flood coverage or underinsured limits.
  • Beyond premium cost, assess payment flexibility (annual vs. installment plans), accuracy of submitted information, and the reliability of your agency; a reputable independent agent ensures upfront clarity, proper policy setup, and trusted support during claims.

Your first instinct when comparing insurance quotes may be to look at price and which one has the lowest premium, but this is not always the best approach. In fact, there are several factors beyond price that you should consider when looking for the best insurance policy for your Louisiana based business.

It’s in the Details!

The first thing you need to consider is that the policies you’re comparing might not be exactly the same. Oftentimes when you’re getting an insurance quote for something like general liability insurance, you may receive a business owner’s policy (BOP) quote that includes general liability, property insurance, and other policies from one insurance company and then just a standalone general liability insurance policy from another. You want to make sure to compare apples to apples. So make sure, when comparing prices, to only compare BOPs to BOPs and standalone policies to other standalone policies.

However, even if you’re comparing the same type of insurance policies, make sure they offer the same benefits. Often there will be key differences or exclusions between lower and higher premiums you need to be aware of. Here are a few items to make sure you compare:

It’s important to realize that quotes are not final. Sometimes the premium amount can change if inaccurate information was submitted. However, if you are working with a reputable independent insurance agent in Louisiana, they will ask all the right questions to ensure an accurate quote.

What are the Payment Options?

The next thing to consider are your payment options for each insurance policy. You will most likely see options for the following payment terms: single, two, four, or ten payments. While you may be inclined to spread out the cost with a four or ten payment plan, there are some pros and cons to each.

One of the great things about small business insurance policies is that you can often start the policy coverage right away before making your first payment. Most insurers will send you an invoice once coverage has started or may wait two to four weeks to do so.

Are the Insurance Agency and Provider Trusted?

While the details of an insurance policy and payment options are important to consider, arguably the most important thing is who is providing the insurance? Can they be trusted? Have they been serving your community for a number of years? The last thing you want is a nightmare claim scenario. That’s why it’s important to do your research.

In Louisiana, the best approach is to look for a local independent insurance agency, like Lewis Mohr Insurance Agency, that is locally owned and has been around for decades, standing the test of time. A trusted insurance agency will only work with reputable insurance providers, so when a claim inevitably occurs, it’s a seamless process to get your business back up and running. If you are looking for insurance for your Louisiana based business, give us a call or use our contact form to get started!

Jeffrey Mohr Headshot

Jeffrey Mohr, CPCU, ARM

Jeff Mohr is the President and Owner of Lewis Mohr Insurance Agency. He began his career in 1982 after earning a degree in Management and Finance from LSU, followed by a Master’s in Insurance Management (MSIM) from Boston University. With over 40 years of experience, Jeff holds the CPCU and ARM designations and is a past president of the Independent Insurance Agents & Brokers of Louisiana. He has been recognized with the Lou Daniel Award for outstanding service to the insurance industry and remains active in civic and community organizations. Jeff leads the agency with a deep commitment to trusted service, ethical standards, and generational growth.
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