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 may wonder, “What are some common general liability insurance claims?” That’s an important question, as the answer can help you understand whether you need general liability insurance (most businesses do) and if so, how much.

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.

Commercial umbrella insurance (called commercial excess insurance in New York) gives your business extra financial protection on top of your existing liability policies. This coverage can come in handy, since the costs associated with just one covered incident can easily exceed the limits of a liability policy. Commercial umbrella insurance policies have aggregate limits, typically $1 million or $2 million.

A business owners policy (also called BOP insurance) includes two important types of coverage in one policy: general liability insurance and commercial property insurance. Also called property & liability insurance, a business owners policy can be easier to manage than having multiple policies.

First-time insurance buyers will sometimes ask, “What’s a COI?” A Certificate of Insurance (sometimes called a Certificate of Liability Insurance) is a physical or electronic document that proves you have insurance. The COI includes important details about your policy that you, a client, a landlord or someone else might require.

The vehicles you use for conducting business are insured separately from your personal vehicles. Business vehicles should be protected under a commercial auto insurance policy, which covers: