a freelancer reviewing their insurance options

Navigating Insurance as a Freelancer: What Policies Do You Need?

Choosing to work as a freelancer, as opposed to having a traditional 9-5 job comes with plenty of pros and cons. On the positive side of things, you can set your own schedule, choose which clients you want to work with, and enjoy a fulfilling job. On the negative side, there are some things that a traditional employer would handle for you that you now have to deal with on your own, like insurance.

Which insurance policies do you need as a freelancer? And how can you ensure that you have the right amounts of coverage, just in case? Keep reading as we clear up some of these mysteries.

Health Insurance

The law requires everyone to have health insurance. This is something that is offered through standard, traditional workplaces, but if you’re a freelancer, you’re on your own. Thankfully, you can go through the health insurance marketplace in your area during one of the open enrollment periods and see which plans are available for you. With that said, if you want more guidance and options, reaching out to an insurance company that manages many different types of policies can help in this regard. They may have access to options that you don’t as an individual on your own.

General Liability

While standard business owners need to have a business owner’s policy (BOP), which includes insurance on their building, most freelancers work out of their homes, and therefore don’t qualify for a BOP. However, part of a business owner’s policy includes general liability insurance, which a freelancer should have, especially if they have client meetings in their home. After all, if a client slips and falls in their yard, their homeowner’s insurance may not cover the medical costs and lost wages of that client. It’s best to have a general liability policy in place, just in case.

Professional Liability and Other Coverages

On top of general liability insurance, there’s also professional liability coverage. This type of insurance kicks in when the freelancer makes a major mistake. For example, a freelance wedding photographer losing their camera’s memory card and thus the photos from a client’s wedding) would fall into this category. Professional liability insurance would pay for any legal costs and potential damages should that client sue.

In addition, there are numerous other types of insurance that a freelancer should have depending on the circumstances, like cyber insurance. Keeping a client’s information safe and secure is paramount, especially in this day and age when hackers go after even the smallest of businesses. This is just one of the many other options that you might need in order to protect your freelance business. There may be others.

Have Questions About Freelancer Insurance?

Are you wondering about the types of insurance that you need as a freelancer? Are you worried that you may not have the right coverage in place to protect yourself? If so, contact Spivey Insurance. Our knowledgeable agents are ready to help you choose the coverage you need.

No Comments

Post A Comment