Admitted vs. Non-Admitted Insurance
Insurance policies can be admitted or non-admitted. This is an extremely important concept to understand.
Admitted insurance is purchased from an insurance company that has been formally admitted to operate by the state in which it operates. They are subject to strict laws and regulations on the policies they provide. As such almost admitted general liability and property policies are generally the exact same. Their pricing is also regulated and as such, they cannot rip you off. Lastly, if an admitted insurance company becomes insolvent and you have a claim, the state regulatory body will pay for the covered loss you incur.
Non-admitted insurance companies are not licensed by the state and have flexibility in their coverage/policy forms and pricing. Therefore, it is important to be very careful on what you buy. The coverage a general liability policy provides with one insurance company may be completely different than the policy provided by another company. For example a policy may be written on a claims-made form (insert link) and they may have very damaging exclusions on the policy that you should be aware of. Lastly, unlike an admitted insurance company, if an insurance company becomes insolvent, no state regulatory body will pay for any covered claims you incur. With that said, it is important to review the AMbest.com rating of the insurance company. AMbest.com is the official credit rating agency for insurance companies.
Unfortunately, axe throwing insurance cannot be obtained with an admitted insurance company. It is extremely important to understand what you are paying money for as you may not have coverage for what you are expecting to have coverage for.