Home Business Contractor Essentials: What’s The Best Insurance For Freelancers?

Contractor Essentials: What’s The Best Insurance For Freelancers?

insurance for freelancers

Picture yourself running the freelance business of your dreams. You deliver work to your client, but they don’t like it, and they send you a massive lawsuit.

Hopefully, this would never happen. But you never know what might happen with your clients or yourself. That’s why buying insurance for freelancers is essential.

Read on to learn about the best types of freelancer insurance coverage to get.

Liability Insurance

One of the most important types of insurance for freelancers is liability insurance. This insurance comes in two forms: professional and general.

Professional liability insurance covers you in case you make a mistake in your business. It helps if someone sues you for that error, and that can also cover delivering work after the deadline and other issues.

You may be lucky, and your clients may never sue you. However, you want to prepare for the worst.

Disability Insurance

You may not think to ask this question, but you should consider, “do I need long-term disability insurance?” Having disability insurance can cover you in case you get really sick while working.

This type of insurance lasts for years and may cover you through retirement. On the other hand, short-term disability insurance can cover you for an injury or illness that lasts a few months.

Disability insurance for freelancers means you can still earn an income even when you can’t work.

Health Insurance

Health insurance for freelancers can be intimidating. If you’re older than 26 and don’t have a spouse, you won’t qualify for someone else’s insurance plan.

Fortunately, you do have options when it comes to shopping for freelancer health insurance. You can go through a broker or directly to the health insurance marketplace to find a plan that covers you and your health care needs.

Homeowners or Renters Insurance

You should also look at getting homeowners’ or renters insurance, depending on your living situation. If you work from home, having this type of coverage will protect you if something goes wrong.

Not only will you be able to replace your personal belongings, but you’ll be able to replace your computer and other supplies you use for work. Like other types of insurance for freelancers, you may not need it.

But it’s better to have this coverage now before something bad happens.

Commercial Property Insurance

Another type of insurance for freelancers to consider is commercial property insurance. You can use this insurance to protect any equipment you use as a freelancer.

Whether you’re a freelance musician or do construction, you have tools you want to protect. Make sure you get commercial property insurance or a plan specific to the type of item to cover, such as musical instrument insurance.

Then, you won’t have to worry about losing the gear you use every day.

The Best Insurance for Freelancers

Whether you’re new to freelancing or have done it for a while, you should consider the best insurance for freelancers. Of course, you need standard insurance plans for health insurance and your home.

But you also need protection in case someone sues you or you can’t work. Be sure to get plenty of insurance coverage so that you don’t have to worry.

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