Does a Sole Proprietor Need Workers’ Comp Insurance in Florida?

As a sole proprietor in Florida, you may not have considered your need for Workers’ Compensation insurance. To protect themselves and their businesses from legal and financial consequences, sole proprietors in Florida should get Workers’ Compensation insurance.

Only sole proprietors in the construction industry are required to purchase Workers’ Compensation insurance in Florida. That said, it benefits all sole proprietors to get coverage. Workers’ Compensation insurance protects sole proprietors from personal financial liability in the event of a workplace injury. However, it’s understandable for sole proprietors to forgo coverage when considering the cost. That’s why sole proprietors in Florida should reach out to an experienced broker to find affordable Workers’ Compensation insurance coverage that protects them and their businesses without breaking the bank.

At NPN Brokers, our skilled professionals are capable of finding affordable, comprehensive Workers’ Compensation insurance coverage for sole proprietors. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (561) 990-3022.

What Are Florida’s Workers’ Comp Insurance Laws for Sole Proprietors?

Florida’s Workers’ Compensation insurance laws are some of the most complex and comprehensive in the country. Generally, Workers’ Compensation requirements are decided by the number of employees and industry. As a sole proprietor, you may think Workers’ Compensation insurance requirements don’t apply to you. In reality, Florida sole proprietors may be required to have Workers’ Compensation insurance.

Non-Construction Industry

Generally speaking, sole proprietors are excluded from Florida’s Workers’ Compensation requirements. That means that if you own a sole proprietorship, you will likely not need to carry coverage. It is important to note that sole proprietors are only excluded if they do not operate within the construction industry. That said, sole proprietors can opt-in, so to speak, and elect to carry Workers’ Compensation insurance if they so choose.

Construction Industry

Independent contractors who do construction work often choose to start a sole proprietorship in Florida. If that’s your chosen path, you’ll need to get Workers’ Compensation insurance. Florida recognizes construction as a high-risk industry, meaning individuals that work in construction are more likely to sustain injuries. So, even sole proprietorships in the construction industry comprised of just one person will need to purchase Workers’ Compensation insurance in Florida.

It’s also important to note that sole proprietors that do construction work in Florida can’t opt out of coverage like LLC members and corporation officers can. So, there’s no way to get out of having coverage for sole proprietors in the construction industry in Florida.

What Are the Benefits of Having Workers’ Comp Insurance for Sole Proprietors in Florida?

Carrying Workers’ Compensation insurance, even if they’re not required to, can be very beneficial to sole proprietors in Florida. While you may think there is no need for Workers’ Compensation coverage because your risk of injury is low, think again.

Having Workers’ Compensation insurance can benefit sole proprietors in Florida in countless ways. This business formation provides for no separation between an owner and a company. That means, as a sole proprietor, you are personally responsible for paying medical bills and lost wages after an accident.

If, as a sole proprietor, you are the only worker, you may believe you can take the proper precautions to prevent injuries at work. Or, if you sustain a work-related injury, you can handle the cost, right? Wrong. As a sole proprietor without Workers’ Compensation insurance, you have no safety net if you’re injured on the job. The coverage you can get from an experienced Florida Workers’ Compensation insurance broker can protect you from financial liability in the event of an accident.

Another benefit of carrying Workers’ Compensation insurance is avoiding Florida’s penalties for sole proprietors in the construction industry that fail to have coverage. Remember, sole proprietors who do construction work must have Workers’ Compensation insurance in Florida. If you don’t, and the state finds out, you can face serious financial consequences.

So, whether you’re required to have Workers’ Compensation coverage or not as a sole proprietor, it’s best to err on the side of caution and get it. Since sole proprietors and their businesses aren’t seen as separate entities in Florida, they can face financial and legal problems if they don’t have insurance.

How Can Florida Sole Proprietors Find Affordable Workers’ Comp Insurance?

As a sole proprietor, you may not think you have the financial resources necessary to purchase comprehensive Workers’ Compensation insurance. While that’s an understandable concern, it’s often not the case. When sole proprietors turn to skilled Florida Workers’ Compensation insurance brokers, they can find affordable coverage that meets their needs.

When faced with steep insurance premiums, sole proprietors in Florida may choose to not get Workers’ Compensation insurance. Sole proprietors in the construction industry may believe they can get away with being uncovered, and sole proprietors outside the construction industry may bet on the fact that they won’t be injured at work. Instead of risking your financial security, reach out to an experienced Florida Workers’ Compensation insurance broker.

Our brokers work with insurance companies that don’t require audits, contracts, or deposits. You can receive a quote within hours of submitting a request and choose between various plans that meet your needs.

Sole proprietors in the Florida construction industry may face more expensive insurance plans, especially if they have a history of work-related injuries or their sole proprietorships are relatively new. An experienced broker can help you weed through plans to find an affordable one that doesn’t break the bank but leaves you with comprehensive coverage.

Don’t take chances when it comes to work-related injuries. You can find affordable Workers’ Compensation insurance so that you, and your Florida sole proprietorship, are protected.

Sole Proprietors Can Call Our Florida Brokers to Get Workers’ Comp Insurance Today

As a sole proprietor in Florida, it’s important to get Workers’ Compensation insurance so that you’re protected in the event of a work-related injury. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (561) 990-3022.