Freelancer Insurance in Alaska

Freelancer insurance in Alaska (AK) – is a group of self-employed insurance covering everything, from health insurance to insurance for any sort of work injury or omission. We will talk about all the categories of insurance a freelancer might require.

First of all, let’s make it crystal clear. In Alaska, if you want to be a freelancer, you are falling into the category of self-employed people.

In practice, this means that you are the business owner and the employee. You have to take care of your rights, including providing health care.

Types of insurance for freelancers in Alaska

There are different types of freelancer insurance in Alaska. If you are thinking to become an independent worker and enjoy the benefits of “being your own boss”, you would need to do it in the safest way possible.

You all know the good old saying “If you don’t make mistakes, you don’t make anything”. The final result of your work in some cases can be bodily injury, property damage, or money loss.

Now, some of these mistakes can cost you a lot of money, if not you protect yourself in time.

As a self-employed person, the initial thing you need is health insurance. Besides health insurance, you might need other insurance types. Depends on the type of your business.

So, let’s go step by step and see how much is going to cost you to be a freelancer in Alaska, and how to protect yourself the best.

Health insurance for freelancers in Alaska

If you are self-employed, you need to pick out the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can collate offers from divergent private health insurance providers.

When you fill out the application, you will see if you qualify for premium tax credits, etc. This all depends on your salary, household size-dependent family members…

You can choose between 4 “metal categories” for your health insurance – Bronze, Silver, Gold, and Platinum. The dissimilarity is not in the quality of service, but in the price that you have to pay.

Your choice mainly depends on your needs; how many times you need medical assistance, and what kind of treatments you need.

The monthly premium can also be lowered if you qualify for savings programs. This all depends on your payment and household size and will be explained to you when filling the Marketplace insurance application.

You can also check if you qualify for Medicaid – government health insurance given in case of low income. When it comes to eligibility for this program, your income must be below a certain level in Alaska.

Also, your qualification is dependent on the number of people in your household.

What is the cost of health insurance for freelancers?

Now we come to the query that everyone who is thinking about freelancing wants to know. How much will cost you to be a freelancer? As previously mentioned, your premium depends on several factors – your income, household size, do you qualify for any savings programs.

On average, freelancers in Alaska are paying $450* per month, which is $5400* annually depends on the insurance company you choose.

If you qualify for any savings program, your premium can be as low as $200 in a month. To confirm if you qualify for this type of program in Alaska.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Alaska

Other than health insurance, there is a so-called “business insurance” category. To protect your business and have coverage for any injury or destruction that can be consequence out-turn of your work, you need to have business insurance.

Depending on the type sort of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Alaska, so you can decide to make a decision what suits you the best.

General liability insurance for freelancers

General liability insurance covers financial losses that are the result of bodily injuries, property damage, medical expenses, libel, slander, defending a lawsuit, etc.

It is the most extensive insurance for freelancers and it’s suitable for any type of business.

This insurance is considered one of the best sorts because it covers a lot of unanticipated things that can happen during your work.

The cost of general liability insurance

The price of general liability insurance in Alaska depends on a few things – the coverage you select, the type of business, the insuring company.

The median price of general liability insurance in AK is approximately $40* in a month, which is $480 yearly.

A lot depends on the type of business you are conducting. If you are involved in a riskier business, such as landscaping, you will have a more expensive premium than someone who is working as a copywriter.

Also, the range limit determines your premium. If you are aiming for a bigger limit, the premium will obviously be higher. Some of the typical coverage limits are $1 million and $2 million.

Here you can find more details about general liability insurance in Alaska.

Professional liability insurance for freelancers

Professional liability insurance covers monetary losses that are the consequence of malpractice, errors, and negligence. It is suitable for all the businesses that are giving services to their clients.

This insurance is also known as Errors & Omissions insurance.

For some professions, such as lawyers and medical workers, this kind of insurance is mandatory. Others can choose if they want to ensure their business.

The average cost of professional liability insurance is $59* per month, which is $708 per year.

More about E&O insurance types in Alaska you can find here.

Home-based business insurance in Alaska

One more type of business insurance that freelancers can take into consideration is home-based business insurance. Since the point of being a freelancer is being able to work remotely, many freelancers are setting up their offices in their homes.

The charge of a home-based insurance policy in Alaska depends on several factors – credit history, type of business, etc. Some average cost in Alaska is $250* to $500* per year.

Income protection insurance for freelancers in AK

Income protection insurance for freelancers works in the same manner as for any other profession. If you may not work due to illness or injury, you will get a regular tax-free income.

This insurance is usually limited for a certain period of time. In Alaska, it is usually referred to as disability income insurance.

There are two kinds: short-term disability insurance and long-term disability insurance.

Short-term insurance covers a period from 9 to 52 weeks with a waiting period of up to 14 days.

When it comes to long-term disability insurance, you are covered from 30 days to few years, depending on the insurance agency.

Usually, the price in Alaska is 1-3%* of your annual income.

Ways to purchase the insurance

After you checked all your options, you should decide which type of insurance you need. When all the decisions are made, what is left is to purchase an insurance policy.

The first way, to purchase the policy is to go to an insurance company and get it. Anyhow, this option is time-consuming and more expensive.

Another option is online buying. You can find the company in any part of Alaska, and acquire the insurance without your attendance.

You will have to come up with some of your personal details, sign an online agreement, and make the purchase.

This way you will save time, and mainly, you will save money. And the best thing – online insurance often comes with additional benefits!

An additional way is to join any Freelancer organization in Alaska. The organization itself is not an insurance seller, but it can associate you with an insurance company.

Virtually, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Alaska

You figured to take a step forward, depart from your job and try to make something for yourself. It’s great! But before doing so, be assured to understand all the duties that you will have as “the boss”.

Put down all the costs of being a freelancer in Alaska. Count even the expenses you think you will never have. Now answer to yourself – are you ready to be a freelancer? If yes, here is a link that can tutor you to start a freelance business in Alaska, and make the first steps.

*price may vary depending on the insurance company

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