Freelancer Insurance in Florida

Freelancer insurance in Florida (FL) – is a category of self-employed insurance covering all, from health insurance to insurance for any sort of work injury or error. We will discuss all the types of insurance a freelancer might need.

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

Types of insurance for freelancers in Florida

There are different types of freelancer insurance in Florida. If you are thinking to become a free 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 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 too much money, in case, not 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 type 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 Florida, and how to protect yourself the best.

Health insurance for freelancers in Florida

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 weigh up 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 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 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 FL. 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 multiple factors – your income, household size, do you qualify for any savings programs.

On average, freelancers in Florida 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 check if you qualify for this type of program in Florida.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Florida

Other than health insurance, there is a so-called “business insurance” form. 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 Florida, so you can decide to choose 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 fitting for any type of business.

This insurance is considered one of the best kinds 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 Florida 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 FL is approximate $40* monthly, which is $480 yearly.

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 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 definitely be higher. Some of the usual coverage limits are $1 million and $2 million.

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

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 offering services to their clients.

This insurance is also referred to 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 median cost of professional liability insurance is $59* per month, which is $708 per year.

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

Home-based business insurance in Florida

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

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

Income protection insurance for freelancers in FL

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

There are two types: 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 Florida is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed all your options, you should 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. However, this option is time-consuming and pricey.

One more option is online buying. You can find the company in any part of Florida, and purchase the insurance without your presence. 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!

Another way is to join any Freelancer organization in Florida. The organization itself is not an insurance provider, but it can associate you with an insurance company. Possibly, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Florida

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

Put on the paper all the fees of being a freelancer in Florida. Add even the expenses you think you will never have. Now reply to yourself – are you equipped to be a freelancer? If yes, here is a link that can help you start a freelance business in Florida, and make the first steps.

*price may vary depending on the insurance company

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