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Home » Do I Need Workers’ Compensation for Myself as a Business Owner? 
February 8, 2024
Chester Canonigo

Do I Need Workers’ Compensation for Myself as a Business Owner? 

selective focus photography of two men standing side by side wearing green reflective vests equipped with workers compensation

Workplace accidents and injuries are unfortunate realities that can impact employees and employers. Most businesses invest in workers’ compensation insurance to mitigate the financial and legal consequences of such incidents. However, business owners may wonder whether their circumstances require workers’ insurance.

What is Workers’ Compensation Insurance?

It is an essential part of a business insurance policy. It also offers benefits to employees if they experience a work-related injury or illness. Its purpose is also to provide employers coverage for lawsuits filed by workers related to such instances.

What Does it Cover?

This type of compensation typically covers costs associated with injuries, certain illnesses and occupational diseases sustained or contracted while performing tasks in the course and scope of their job. These costs may include medical expenses, rehabilitation fees and some of the employee’s lost wages during their recovery period.

While coverage may vary depending on the jurisdiction and policy terms, the following are some common types of injuries and illnesses typically covered by workers’ compensation:

  • Strains and sprains
  • Occupational illnesses
  • Preexisting conditions aggravated or worsened by work-related activities or conditions
  • Repetitive motion injuries

Do I Need Workers’ Compensation if I Have No Employees?

If you do not have employees, you typically won’t need it; however, these requirements will depend on your specific situation and the laws in your jurisdiction. This is because workers’ compensation insurance is primarily designed to provide coverage for those with employees. In Florida, sole proprietors and partnerships are not legally required to have a compensation insurance for workers.

Do I Need it if I Am Self-employed?

Independent contractors and other self-employed individuals may need compensation depending on the nature of their work and the specific laws and regulations governing workers’ compensation in their jurisdiction. For example, self-employed workers in the construction industry must have this type of compensation in Florida.

Workers’ Compensation Insurance in Ocala, FL

It’s essential to consult with a local insurance agent or broker familiar with regional guidelines when purchasing workers’ insurance. With over 30 years of experience serving the Ocala area, the dedicated staff of Affiliated Agency of Ocala is well-equipped to help you assess and address your workers’ coverage needs. Contact us today to ensure your employees can recover from work-related health problems and that your organization can financially manage the aftermath of such incidents.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.


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