Freelancer Insurance in Colorado

Freelancer insurance in Colorado (CO) – is a category of self-employed insurance covering every single thing, from health insurance to insurance for any sort of work mishap or error. We will talk through all the categories of insurance a freelancer might need.

First of all, let’s make it understandable. In Colorado, if you want to be a freelancer, you are falling into the classification of self-employed people.

In practice, this means that you are the executive and the employee. You have to take care of your rights, including providing medical insurance.

Types of insurance for freelancers in Colorado

There are different types of freelancer insurance in Colorado. 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 final result of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these errors can cost you a lot of money, if not you protect yourself in time.

As a self-employed person, the basic thing you need is health insurance. Besides health insurance, you might need other insurance types. Depends on the nature 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 Colorado, and how to protect yourself the best.

Health insurance for freelancers in Colorado

If you are self-employed, you must find the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can compare offers from different private health insurance providers.

When you fill out the form, 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 difference is not in the quality of service, but in the price that you have to pay. Your choice mainly depends on your needs; how frequently you need medical assistance, and what type of treatments you need.

The monthly premium can also be decreased 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 application.

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 CO. 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 question that everyone who is thinking about freelancing wants to know. How much will cost you to be a freelancer? As earlier mentioned, your premium depends on multiple factors – your salary, household size, do you qualify for any savings programs.

On average, freelancers in Colorado 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 verify if you qualify for this sort of program in Colorado.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Colorado

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 Colorado, 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 most extensive insurance for freelancers and it’s acceptable for any type of business.

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

The cost of general liability insurance

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

The average price of general liability insurance in CO is approximate $40* monthly, which is $480 per 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 more expensive premium than someone who is working as a copywriter.

Also, the coverage limit determines your premium. If you are aiming for wider insurance coverage, the premium will obviously be higher. Some of the most common coverage limits are $1 million and $2 million.

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

Professional liability insurance for freelancers

Professional liability insurance covers financial losses that are the outcome 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 professions, such as lawyers and medical workers, this type of insurance is mandatory. Others can choose if they want to ensure their business.

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

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

Home-based business insurance in Colorado

An additional type of business insurance that freelancers can think about is home-based business insurance. Since the main goal of being a freelancer is being able to work remotely, many freelancers are starting their offices in their homes.

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

Income protection insurance for freelancers in CO

Income protection insurance for freelancers works the same way as for any other job. If you may not work due to illness or injury, you will get a regular untaxed income. This insurance is most likely limited for a certain period of time. In Colorado, 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 delay 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 Colorado is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed all your options, you have to 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 get the policy is to go to an insurance company and get it. On the other hand, this option is time-consuming and pricey.

One more option is online buying. You can find the company in any part of Colorado, and purchase the insurance without your presence. 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 more importantly, you will save money. And the greatest thing – online insurance in most cases comes with additional benefits!

Another way is to join any Freelancer organization in Colorado. The organization itself is not an insurance seller, but it can link you to an insurance company. Virtually, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Colorado

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

Put down all the costs of being a freelancer in Colorado. Add up 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 help you start a freelance business in Colorado, and make the first steps.

*price may vary depending on the insurance company

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