Freelancer Insurance in Delaware

Freelancer insurance in Delaware (DE) – is a classification of self-employed insurance covering everything, from health insurance to insurance for any kind of work injury or omission. We will talk through all the sorts of insurance a freelancer might need.

First of all, let’s make it crystal clear. In Delaware, 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 executive and the employee. You have to take care of your rights, including providing health care.

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Freelancer Insurance in Delaware

Types of insurance for freelancers in Delaware

There are different types of freelancer insurance in Delaware. 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 result 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 basic thing you need is health insurance. Besides health insurance, you might need other insurance types. Depends on the sort 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 Delaware, and how to protect yourself the best.

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Health insurance for freelancers in Delaware

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 divergent 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 earnings, 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 type of treatments you need.

The monthly premium can also be reduced 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 DE. 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 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 several factors – your payment, household size, do you qualify for any savings programs.

On average, freelancers in Delaware 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 monthly. To confirm if you qualify for this sort of program in Delaware.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Delaware

In addition to 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 outcome 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 Delaware, so you can decide to choose 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 broadest insurance for freelancers and it’s fitting for any kind of business.

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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 fee of general liability insurance in Delaware depends on several things – the coverage you select, the kind of business, the insuring company.

The median price of general liability insurance in DE 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 an excessive premium over someone who is working as a copywriter.

Also, the insurance coverage limit determines your premium. If you are aiming for a bigger limit, 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 Delaware.

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 jobs, such as lawyers and medical workers, this type 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 Errors and omissions types in Delaware you can find here.

Home-based business insurance in Delaware

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

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

Income protection insurance for freelancers in DE

Income protection insurance for freelancers works in the same manner as for any other profession. If you are unable to work due to illness or injury, you will get a regular non-taxed payment. This insurance is usually limited for a certain period of time. In Delaware, 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 detain 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 Delaware is 1-3%* of your annual income.

Ways to purchase the insurance

After you checked all your options, you should 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. However, this option is time-consuming and more expensive.

The second option is online buying. You can find the company in any part of Delaware, and acquire 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 greatest thing – online insurance often comes with additional benefits!

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

Conclusion about insurance for freelancers in Delaware

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

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

*price may vary depending on the insurance company

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