Whether you’re required to buy liability insurance by your industry or the law, insurance is essential to every business owner’s or independent professional’s financial wellness and achieving long-term economic stability.

However, protecting your financial well-being and livelihood with a customized business insurance policy requires understanding your liability risks and legal and industry requirements. There are different factors to consider before buying or renewing a policy, and there are mistakes to steer clear of by thinking about your needs.

Here are 10 common mistakes many people make when purchasing business liability insurance: