New business owners may not know where to begin when looking for business insurance coverage for their startup. While you might have an idea of the types of policies available, sorting through the various providers, quotes and fine print can be an overwhelming process.

Small business owners shared the characteristics they think are important in an insurance plan, as well as their tips for getting quotes and working with agents.

Know what you need

There are many different types of business insurance, so before you shop around for a plan, it's important to consider your specific needs. A general liability or business owner's policy is good for umbrella coverage, but depending on the type of business you own, there may be other insurance policies that better protect your business. Jeff Kear, owner of event-management software Planning Pod, said that work-from-home business owners should consider separate home-based business insurance.

"Don't assume that your homeowner's policy will cover your business assets, because many homeowners' policies do not cover most home-based business losses," Kear told Business News Daily. "They may not cover all assets, and probably won't cover any kind of business or professional liability."

Kear also recommended obtaining business-interruption insurance to help keep your business afloat in the event of natural disasters, data loss or theft.

Compare quotes

Choosing an insurance provider is like any other major decision: You should always consider all options before making a final choice. Comparing quotes from multiple providers can help you get the most comprehensive coverage for the best price.

"Get at least three quotes from insurance providers, and do a comparison based on the deductible, the premium, what damages are and are not covered, and the quality of customer service," said Andrew Schrage, founder and CEO of financial advice site Money Crashers.

Find a good agent or broker

The insurance agent or broker you work with is the person responsible for helping you protect your business. As with the plan itself, consider your options for agencies, and don't necessarily choose the one that's closest to you.

"Look for an agent who specializes in business insurance and can be a long-term partner," said Mike Wolfe, co-founder and CEO of marketing agency WAM Enterprises. "It's important to establish a relationship with your agent. Research online, and ask other business owners who they work with. We have several agencies in our town but decided to do business with an agent who is farther away because we developed a relationship and trust."

An insurance broker, rather than an agent who works for a specific provider, may be a good choice for business owners who want to find coverage from different providers to suit all of their needs, said Kear.

Always review your policy

Most insurance policies need to be renewed annually. Before you sign on for another year of coverage, it's wise to look over the fine print of your policy and account for any changes, either in your business or in the provider's terms of service.

"Coverage and policies change all the time, so review your business with your agent every year," said Paige Dawson, founder and president of marketing firm MPD Ventures. "Your business may have changed during a coverage year, and [your policy] may no longer be adequate. Adding or dropping employees, services, products, physical locations, etc. can have an impact on your policy."

If your business does go through a major change or transition in the middle of coverage, be sure to discuss it with your insurance agent as soon as possible, and have him or her walk you through your options. Depending on the change, you may even be able to save money on your policy.

That’s what forces pushing new regulations on sharing are suggesting anyway. Ride-sharing services see the situation quite differently, of course.

Regulators aren’t quite sure what to do with so-called “sharing economy” services such as Airbnb, Lyft, and UberX. In many ways, sharing operations are in competition with traditional businesses—hotels in the case of Airbnb, rental cars and car sales when it comes to Lyft, UberX, and other ride-sharing ventures. Yet homeowners and automobile owners who participate tend to see sharing as just that, sharing, not a true business. Sure, there’s some money changing hands digitally in these transactions, and there’s a contractual business agreement at the heart of every organized sharing service provided, but the owners playing along typically view their participation as an occasional, side-gig sort of thing. As such, sharing companies and sharers alike take the stance that authorities shouldn’t regulate these services like a regular business.

Like regulators, insurers aren’t entirely certain what to make of increasingly popular sharing arrangements. Or more accurately, auto insurers aren’t certain how to make customers pay for the extra coverage they say is needed in such an arrangement. “It’s very clear in California: If you drive your car and make money on it, you need a commercial license,” Pete Moraga, a spokesman for the Insurance Information Network of California, told the San Francisco Chronicle earlier this month. “But because it’s so new, insurers don’t ask the question, which does open the process up to fraud.”

Ride-sharing services typically provide $1 million worth of excess liability coverage for their drivers. But well-publicized accidents and lawsuits have brought up the possibility that such a policy leaves holes in one’s coverage. A Consumer Reports post published earlier this year warned:

That million-dollar excess liability insurance covers passengers, pedestrians, other cars, and property, but it doesn’t cover injuries suffered by the driver or damage to his or her car-cum-cab if there’s an accident.

Lyft has responded to the criticism by bumping up its coverage and even forming a new Peer-to-Peer Rideshare Insurance Coalition in order “to ensure a safe and trusted future for the emerging peer economy.”