Your premium is built from payroll, the class code for each kind of work and, for larger employers, your experience modification factor. A payroll audit after the policy year sets the final bill, and misclassified or underestimated payroll is a common reason it rises.
Almost every state requires workers’ compensation once you have employees, but the headcount threshold, the exemptions and the penalties are set state by state.
Errors and omissions cover pays when a client says your advice or work cost them money. Most policies are claims-made, so when a claim is reported matters as much as when the work was done.
A BOP bundles general liability and commercial property, usually with business interruption, for small low-risk businesses. Insurers set the eligibility rules, and many trades fall outside them.
General liability pays for injuries to other people and damage to their property caused by your business. It does not cover your own employees, your vehicles or mistakes in professional advice.