I am in a bit of a bind and could use some help. I don't need conjecture and "maybe you could try this" information. I need info hopefully from someone who DEALS with commercial insurance, or has in the past.
Situation: I have been renting a 7000+ sq ft shop building for 3 years now. I currently have $300,000 coverage on shopkeepers insurance and Liability insurance. I have been looking at increasing to $500,000 because the shop can afford this much of an increase. Here is the problem. The landlord just brought me a copy of an email that HIS insurance just sent him, stating that they want me to have $1,000,000 in liability coverage. Now we are in a VERY small community. I mean the entire county has less than 5,000 people in it. The replacement cost if the building, and all of the interior is less than $300,000. Hell, even my landlord said HIS insurance is not even at $500,000. So why is his insurance company stating that they require that I have a million? I certainly can't afford the $1100 per month premium for it! That is more than I pay in rent! If they require the million, and are not flexible, I may be forced to close up shop.
Any help and information from those who deal with commercial insurance would be greatly appreciated. My entire livelihood is at risk here.