The business insurance industry is a vast and complex one. There are many different types of coverage, and they each have their own terms and conditions. That's why it can be intimidating to try to figure out what your company needs—and how much it will cost you.
Business Insurance FAQs
But don't stress! We've compiled some of the most common questions that businesses have about their insurance policies.
#1 What is Business Insurance?
Business insurance is one of the most important aspects of running any business. It can protect you and your business against a variety of risks and financial losses, including property damage, liability, workers' compensation, and more.
In short, business insurance is an agreement between a company and an insurer in which both parties agree to cover each other's financial responsibilities in case something goes wrong. The policies vary depending on what type of coverage you need. For example, some policies cover only specific types of claims while others offer broader protection at an increased cost.
#2 What are the Different Types of Business?
Business insurance is a broad term that covers many types of coverage. It can be divided into three main categories: property, liability and workers' compensation. Each category covers different types of risks.
Property insurance covers damage to your business property (i.e., if someone breaks a window in your office building). 
Liability coverage protects you from being sued by customers or other parties who may have been injured while on your premises.
Workers' compensation coverage provides benefits if your employees are injured on the job or become sick due to their work environment.
#3 How Much Does Business Insurance Cost?
We can't be exact about the cost of business insurance because there are a lot of factors that determine how much you pay. These include:
• Your industry and type of business
• The amount and type of coverage you choose to purchase
• Where your business is located, since different states have different laws governing liability claims and lawsuits
• How long your company has been in operation
#4 How Do I Choose Liability Limits?
Liability coverage is a financial protection for your company. If a customer, vendor or employee files a claim against your business for a loss incurred on their behalf, your liability insurance will reimburse them for losses up to the limit of your policy. Liability insurance can help protect you from lawsuits that may result from claims like these:
• Theft/loss of property belonging to another person
• Damage or injury caused by faulty products or services
• A worker's compensation claim (for example, if an employee suffers injuries while working on one of your jobs)
It's important to know how much liability coverage is enough because it affects many areas of business operations—from hiring new employees to marketing and sales efforts. You don't want less than what you need. However, it also doesn't make sense to pay more than what you need. The experienced insurance agents at Fiorentino Insurance Group can help you make this determination.
#5 Will my Homeowners or Renters Policy Cover a Home-based Business?
In most cases, a homeowner’s or renter’s policy will not cover business activities. However, there are exceptions to this rule. If you meet the following criteria, your homeowner's or renter's insurance policy may extend coverage to your home-based business:
• You have a small business that generates less than $2,000 in annual revenue
• Your homeowner's or renter's policy has been updated to include “business income and extra expense” coverage
#6 Do I Need to Cover My Employees Even if They are Part-time or Seasonal Workers?
In short, yes, you do. The law in Florida requires that many businesses must have general liability insurance, which protects against liability claims due to bodily injury or property damage that might occur at your company. This is important because even if your employees are part-time or seasonal workers, they are still an asset of your business—and therefore the most important assets you should protect with insurance coverage.
#7 Is There a Specific Type of Coverage for Contractors?
Contractors often have unique needs, and if you are in this industry, you should be sure to understand the insurance coverage you may need. At Fiorentino Insurance Group, we can work closely with you to make sure you have all the necessary coverage.
Contractors can be more likely than other businesses to see large claims, so it's important to understand how coverages work together and make sure you’re fully covered.
Looking for More Information about Business Insurance?
There is a lot of information out there, but it can sometimes be hard to find exactly what you need. At Fiorentino Insurance Group, we have a team of licensed insurance agents that can help you find the right coverage for your business.
We hope we have helped you better understand what business insurance is and why it’s so important to have. Not only does it protect your business from financial loss, but it can also help your employees stay safe on the job. If you still have questions about the types of coverage available or to get a free quote, contact us today.