Freelancer Insurance in Connecticut

Freelancer insurance in Connecticut (CT) – is a classification of self-employed insurance covering every single thing, from health insurance to insurance for any sort of work mishap or omission. We will talk through all the types of insurance a freelancer might need.

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

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Freelancer Insurance in Connecticut

Types of insurance for freelancers in Connecticut

There are different types of freelancer insurance in Connecticut. If you are thinking to become a free 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 take 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 a lot of money, in case, not protect yourself in time.

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

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

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Health insurance for freelancers in Connecticut

If you are self-employed, you need to find 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 request, you will see if you can apply for premium tax credits, etc. This all depends on your wages, 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 frequently you need medical assistance, and what sort of treatments you need.

The monthly premium can also be lowered 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 verify 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 CT. 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 formerly mentioned, your premium depends on multiple factors – your payment, household size, do you qualify for any savings programs.

On average, freelancers in Connecticut 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 sort of program in Connecticut.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Connecticut

Aside from 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 form of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Connecticut, so you can decide to determine 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 fitting for any kind of business.

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This insurance is considered one of the best forms because it covers a lot of unpredicted things that will potentially happen during your work.

The cost of general liability insurance

The cost of general liability insurance in Connecticut depends on a few things – the coverage you pick out, the sort of business, the insuring company.

The median price of general liability insurance in CT 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 higher premium than someone who is working as a copywriter.

Also, the range limit determines your premium. If you are aiming for greater insurance coverage, 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 Connecticut.

Professional liability insurance for freelancers

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

This insurance is also addressed as Errors & Omissions insurance.

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

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

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

Home-based business insurance in Connecticut

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

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

Income protection insurance for freelancers in CT

Income protection insurance for freelancers works the same as for any other business. If you may not 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 Connecticut, 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 hold up 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 Connecticut is 1-3%* of your annual income.

Ways to purchase the insurance

After you checked 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 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 Connecticut, and buy the insurance without your appearance. 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 more importantly, you will save money. And the best thing – online insurance in most cases comes with additional benefits!

Another way is to join any Freelancer organization in Connecticut. The organization itself is not an insurance provider, 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 Connecticut

You decided 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 responsibilities that you will have as “the boss”.

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

*price may vary depending on the insurance company

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