Every business faces risk—things like employee injuries, visitor slip-and-fall accidents, professional “errors and omissions,” and work-related auto accidents. The liability and financial loss from these types of incidents and many others can devastate a small company that isn’t properly insured.

Workers’ compensation insurance is a type of insurance that is almost always required by state law for any company that has employees, and in some states, for those who use independent contractors. It provides financial protection for workers who get hurt or sick on the job. It also protects businesses from the high cost of workplace injuries. Participating in a workers’ compensation payroll audit is required to be covered by workers’ compensation insurance.

A business owners policy (or BOP) and a general liability policy have many things in common. For example, they both provide protection from financial liability for many types of incidents. This includes accidental damage to customer property and injury to non-employees on the policyholder’s property.

Small businesses that have purchased insurance policies such as workers’ compensation, general liability, and professional liability (also called errors & omissions or E&O) from biBERK will sometimes ask, “Do I need a commercial umbrella insurance policy?”

Small business owners who provide professional advice or services often ask, “Do I need errors and omissions insurance?” The answer in virtually all cases is, “Yes, you do.” Errors and omissions insurance (sometimes written as E&O or E and O insurance) is professional liability insurance that protects businesses from claims by clients that the company’s employees made a mistake or neglected certain required actions.

If you use cars, pickup trucks, or other vehicles in the course of doing business, you need commercial car insurance. Having proper coverage can keep you from having to pay for bodily injury liability, property damage liability, medical expenses, damage to your own vehicle, and other expenses out of pocket.

If you own a small business, you know you face business risks and might wonder, “What are some common general liability claims?” That’s an important question, since the answer can help you understand whether you need general liability insurance (most businesses do) and if so, how much. Read on to learn more about general liability insurance claims.

You may have heard the term insurtech. If you have, you might have wondered, “What is insurtech?” Insurtech is short for “insurance technology,” in the same way that fintech is short for “financial technology.”

A small business insurance deductible is an amount you pay toward each insurance claim you’re filing. The amount is indicated in your insurance policy. For example, you might have a $500 deductible on a commercial property insurance policy. If the cost of a claim covered by that policy is $2,000, you pay $500 and your insurance company pays the remaining $1,500. If a claim totals $450, you cover that cost.