Understand the terminology

You need to know how risks are defined, what coverage you are getting - property/casualty, liability, workers compensation - and the policy terms.

I recommend: The U.S. Small Business Administration (SBA) provides a guide with an insurance-needs checklist and glossary.  Q&A's are available from the Insurance Information Institute (III) and the Independent Insurance Agents and Brokers Association (IIABA).  The Nonprofit Risk Management Center provides annual webinars on the fundamentals.

Determine what you need

Examine your company's risks before shopping for a policy so you are ready to answer the insurer's questions.

I recommend: Insure.com offers a Small Business Liability Tool as well as a Workers Compensation Insurance Law Tool that to help determine the insurance considerations for your particular business. The American Express offers a tool to help evaluate your insurance needs  and determine what polices to consider. Entrepreneur.com has a detailed insurance encyclopedia.

Get quotes

Agents and brokers sell the policy and provide support services after the purchase. Online quote requests enable you to compare multiple instant options to get the best price for the best coverage.

I recommend: The Insurance Information Institute (III) has a simple Insurer Finder tool, searchable by state. Before you buy, check the insurer’s rating with A.M. Best.