Freelancer Insurance in Arizona

Freelancer insurance in Arizona (AZ) – is a classification of self-employed insurance covering all, from health insurance to insurance for any category of work accident or omission. We will discuss all the types of insurance a freelancer might require.

First of all, let’s make it understandable. In Arizona, if you want to be a freelancer, you are falling into the group 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.

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Freelancer Insurance in Arizona

Types of insurance for freelancers in Arizona

There are different types of freelancer insurance in Arizona. If you are thinking to become an individual 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 outcome of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these errors can cost you quite a bit 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 form of your business.

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

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Health insurance for freelancers in Arizona

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 compare offers from individual private health insurance providers.

When you fill out the application, you will see if you are entitled to premium tax credits, etc. This all depends on your earnings, household size-dependent family members…

You can choose between 4 “metal categories” for your health insurance – Bronze, Silver, Gold, and Platinum. The distinction is not in the quality of service, but in the fare that you have to pay. Your choice mainly depends on your needs; how often you need medical assistance, and what sort of treatments you need.

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

You can also confirm 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 Arizona. Also, your qualification depends on the number of people in your household.

What is the cost of health insurance for freelancers?

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

On average, freelancers in Arizona 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 per month. To verify if you qualify for this kind of program in Arizona.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Arizona

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

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

General liability insurance for freelancers

General liability insurance covers economic losses that are the result of bodily injuries, property damage, medical expenses, libel, slander, defending a lawsuit, etc. It is the broadest insurance for freelancers and it’s acceptable for any type of business.

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

The cost of general liability insurance

The cost of general liability insurance in Arizona depends on a number of things – the coverage you opt for, the sort of business, the insuring company.

The median price of general liability insurance in AZ is approximately $40* within a month, which is $480 per year.

A lot depends on the sort 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 wider coverage, the premium will for sure be higher. Some of the typical coverage limits are $1 million and $2 million.

Here you can find more information about general liability insurance in Arizona.

Professional liability insurance for freelancers

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

This insurance is also addressed as Errors & Omissions insurance.

For some types of businesses, such as lawyers and medical workers, this form 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 Arizona you can find here.

Home-based business insurance in Arizona

Another type of business insurance that freelancers can think about is home-based business insurance. Since the point of being a freelancer is being capable to work remotely, many freelancers are starting their offices in their homes.

The fee of a home-based insurance policy in Arizona depends on few factors – credit history, type of business, etc. Some median cost in Arizona is $250* to $500* per year.

Income protection insurance for freelancers in AZ

Income protection insurance for freelancers works the same way as for any other business. If you are unable to work due to illness or injury, you will get a regular tax-free salary. This insurance is usually limited for a certain period of time. In Arizona, 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 insured from 30 days to few years, depending on the insurance agency.

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

Ways to purchase the insurance

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

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

Another option is online buying. You can find the company in any part of Arizona, and buy the insurance without your attendance. You will have to provide some of your personal details, sign an online agreement, and make the purchase.

This way you will save time, and more importantly, you will save money. And the best thing – online insurance in most cases comes with additional benefits!

An additional way is to join any Freelancer organization in Arizona. The organization itself is not an insurance seller, but it can connect you to an insurance company. Possibly, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Arizona

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

Put on the paper all the costs of being a freelancer in Arizona. Count even the fees 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 help you start a freelance business in Arizona, and make the first steps.

*price may vary depending on the insurance company

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