Do Carpenters Need Workers’ Compensation Insurance in FL?

As a carpenter in Florida, it’s important you learn about your Workers’ Compensation insurance coverage requirements. If you don’t have the right coverage, you may be unprotected in the event of a work-related injury.

All carpenters and carpentry companies need Workers’ Compensation insurance in Florida. This includes sole proprietorships as well. That said, corporation owners and LLC members can file for personal exemptions to lower costs. Coverage can be expensive for carpenters, as carpentry is considered part of the construction industry. The newer your business is, and the more carpenters you employ, the more expensive coverage can be. To find affordable, comprehensive coverage, carpenters in Florida can reach out to a skilled broker with the connections and experience necessary to find the right plan for you.

Our team of dedicated brokers is here to help carpenters throughout Florida find affordable Workers’ Compensation insurance coverage. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (561) 990-3022.

When Do Carpenters Need Workers’ Compensation Insurance in FL?

Florida’s Workers’ Compensation insurance laws are relatively straightforward. Companies and individuals working in the construction industry generally need Workers’ Compensation insurance. Suppose you’re a carpenter or employ carpenters. In that case, you may wonder if your type of work is considered construction-related and if you’re required by law to carry Workers’ Compensation insurance in Florida.

Simply put, carpentry is considered part of the construction industry in Florida. That means carpentry is classified as an especially dangerous line of work. Carpenters are more likely to sustain work-related injuries, meaning carpenters and their employers can benefit from having Workers’ Compensation insurance coverage.

Carpentry companies comprised of even just one person must carry Workers’ Compensation insurance in Florida. That means if you own a sole proprietorship and are the only one doing carpentry work for your company, you will still need Workers’ Compensation insurance. Contract carpenters who employ subcontractors also have a responsibility to make sure all subcontractors have sufficient coverage when completing a job.

If you’re unsure whether or not your carpentry business needs Workers’ Compensation insurance, the answer is most likely yes. That said, you can always speak to an experienced Florida Workers’ Compensation insurance broker to learn more about your coverage requirements. Since carpentry is relatively dangerous, Workers’ Compensation insurance is mandated in Florida.

Can Carpenters Opt Out of Workers’ Compensation Insurance in FL?

Workers’ Compensation insurance can be expensive, especially if your business is part of the construction industry, like carpentry. To lower the cost of premiums and still protect your business if an employee gets injured at work, business owners can exempt themselves from Workers’ Compensation insurance.

The more carpenters you employ, the more opportunity for injury. To reduce the number of workers, business owners don’t need to fire their dedicated employees. Instead, they just need to opt out of coverage for themselves. In Florida, LLC members and corporation officers can file for an exemption. That means they’re removed from the list of employees, allowing the cost of coverage to go down.

So, while entire carpentry businesses, and individual carpenters, can’t opt out of Workers’ Compensation insurance coverage, corporation owners and LLC members can, under certain circumstances. If you want to learn more about filing for exemptions and what that may mean for the cost of your insurance premiums, ask an experienced Florida Workers’ Compensation insurance broker for insight. In some cases, filing for an exemption can ease the financial strain expensive insurance can have.

How Can Carpenters Estimate the Cost of Workers’ Compensation Insurance in FL?

After learning that Workers’ Compensation insurance coverage is required for all carpenters in Florida, you may wonder how much it will cost. Generally, the cost of coverage is determined by a few things: payroll, industry, age, and accident history.

The more carpenters you employ, the more expensive your coverage will be. That said, Workers’ Compensation insurance can still be costly for carpenters with sole proprietorships because of the nature of the work. Carpentry is considered high-risk, meaning Florida insurance companies can increase premiums in accordance with the risk they take insuring your carpentry business.

Business age is also a factor. So is accident history. If your carpentry business has gone years without having even one work-related injury, your premiums may be less expensive. However, your premiums will likely rise if you’re just starting out or you’ve had previous accidents.

How Can Carpenters Find Affordable Workers’ Compensation Insurance in FL?

Finding Workers’ Compensation insurance coverage or, better yet, affordable Workers’ Compensation insurance coverage in Florida isn’t easy. That’s because Workers’ Compensation insurance is often required for Florida businesses. Insurance companies know this, which is why they may be more likely to hike up the cost, especially for those in dangerous professions, like carpentry. So, the best way to find comprehensive coverage at the right price is by turning to a broker you can trust.

Workers’ compensation insurance can be pricey for carpenters and those who own carpentry businesses. A general rule of thumb is to shop around for coverage and see what’s out there.

It can be hard to find a company that will give you a fair price, especially as a carpenter in Florida. When you have an experienced broker by your side, you can find coverage from reliable insurance carriers that don’t require audits, contracts, or deposits. Instead of spending hours or days searching for the right price, you can get a reasonable quote in minutes when you partner with a skilled Florida Workers’ Compensation insurance broker.

Carpenters Can Call Our FL Brokers to Find Workers’ Compensation Insurance Today

If you’re a Florida carpenter in need of Workers’ Compensation insurance, our brokers are here to help. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (561) 990-3022.