If you check any decent insurance portal you will see that there are so many things that you have to take into account. In general the critical factors can be split in two categories. There is the payable amount that you can get and the claim rate that will actually be done.
In general you will need to stipulate a certain minimum amount of money in the case of insurance. It could be half from the sum that you want to cover. Putting in force a package of liability is usually done through the terms of the contract that was previously signed.