Freelancer Insurance in Arkansas

Freelancer insurance in Arkansas (AR) – is a classification of self-employed insurance covering everything, from health insurance to insurance for any category of work injury or error. We will discuss all the kinds of insurance a freelancer might need.

First of all, let’s make it crystal clear. In Arkansas, 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 medical care.

Types of insurance for freelancers in Arkansas

There are different types of freelancer insurance in Arkansas. If you are thinking to become a self-sustaining worker and enjoy the benefits of “being your own boss”, you could 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 result of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these omissions can cost you too much money, unless you protect yourself in time.

As a self-employed person, the primary 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 slowly and see how much is going to cost you to be a freelancer in Arkansas, and how to protect yourself the best.

Health insurance for freelancers in Arkansas

If you are self-employed, you need to choose the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can weigh up offers from individual private health insurance providers.

When you fill out the form, you will see if you can apply for 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 difference is not in the quality of service, but in the fees that you have to pay. Your choice mainly depends on your needs; how many times 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 salary 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 Arkansas. 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 previously mentioned, your premium depends on few factors – your wages, household size, do you qualify for any savings programs.

On average, freelancers in Arkansas 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 check if you qualify for this kind of program in Arkansas.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Arkansas

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

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

General liability insurance for freelancers

General liability insurance covers money 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 suitable for any type of business.

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

The cost of general liability insurance

The cost of general liability insurance in Arkansas depends on a couple of things – the coverage you go for, the type of business, the insuring company.

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

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 higher premium than someone who is working as a copywriter.

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

Here you can find more facts about general liability insurance in Arkansas.

Professional liability insurance for freelancers

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

This insurance is also referred to as Errors & Omissions insurance.

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

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

More about Errors and omissions types in Arkansas you can find here.

Home-based business insurance in Arkansas

One more type of business insurance that freelancers can consider is home-based business insurance. Since the main idea of being a freelancer is being free to work remotely, many freelancers are establishing their offices in their homes.

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

Income protection insurance for freelancers in AR

Income protection insurance for freelancers works the same as for any other business. If you are unable to work due to illness or injury, you will get a regular non-taxed payment. This insurance is in most cases limited for a certain period of time. In Arkansas, it is usually referred to as disability income insurance.

There are two sorts: 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 protected from 30 days to few years, depending on the insurance agency.

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

Ways to purchase the insurance

After you verified all your options, you must decide which form 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 purchases. You can find the company in any part of Arkansas, and purchase the insurance without your appearance. You will have to give 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 greatest thing – online insurance often comes with additional benefits!

An additional way is to join any Freelancer organization in Arkansas. The organization itself is not an insurance company, 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 Arkansas

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

Put down all the fees of being a freelancer in Arkansas. Add up even the expenses you think you will never have. Now respond to yourself – are you set to be a freelancer? If yes, here is a link that can guide you to start a freelance business in Arkansas, and make the first steps.

*price may vary depending on the insurance company

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