When purchasing personal or business liability insurance, it is important to avoid several common mistakes. One of the most common mistakes is assuming that professional liability insurance covers accidents or property damages. This type of insurance actually protects you in lawsuits concerning actions you took in your professional capacity, but it does not protect you if a client slips and falls on your property. Another mistake is not shopping around for the best rates. Insurance rates can vary from company to company, so it is important to get quotes from multiple insurance companies before purchasing a policy. Additionally, choosing the cheapest policy can cost you more in the long run, as it may not provide adequate coverage for your needs. It is also important to ensure that your policy is up-to-date and covers all of your business's needs, as your business may have evolved since you first purchased the policy. Finally, going for the least expensive policy without proper evaluation can be a mistake, as the least expensive policy may not always be the best option for your business. It is essential to properly evaluate your insurance options before making a purchase.