Florida Building Contractor Business/Finance Practice Exam

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What type of insurance must contractors in Florida have to cover job-related injuries?

General liability insurance
Workers compensation insurance
Property insurance
Health insurance

The correct answer is: Workers compensation insurance

In Florida, contractors are required to have workers' compensation insurance to cover job-related injuries. This type of insurance provides benefits to employees who are injured on the job, covering medical expenses, rehabilitation costs, and lost wages due to work-related injuries. It is essential for protecting both employees and employers; it ensures that workers receive necessary care without needing to pursue legal action, thereby reducing the financial risk associated with potential lawsuits. While general liability insurance is important for protecting against third-party claims for bodily injury or property damage resulting from business operations, it does not specifically cover job-related injuries to the contractor's own employees. Property insurance safeguards business assets, and health insurance pertains to employee medical benefits but does not specifically address on-the-job injuries. Therefore, the requirement for workers' compensation insurance is a critical part of ensuring workplace safety and compliance with Florida labor laws.