Freelancer Insurance in Georgia

Freelancer insurance in Georgia (GA) – is a classification of self-employed insurance covering all, from health insurance to insurance for any kind of work accident or mistake. We will discuss all the categories of insurance a freelancer might want.

First of all, let’s make it understandable. In Georgia, if you want to be a freelancer, you are falling into the categorization 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 Georgia

There are different types of freelancer insurance in Georgia. If you are thinking to become an independent worker and enjoy the benefits of “being your own boss”, you want 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 omissions can cost you too much money, if not you protect yourself in time.

As a self-employed person, the first 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 step by step and see how much is going to cost you to be a freelancer in Georgia, and how to protect yourself the best.

Health insurance for freelancers in Georgia

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 collate offers from divergent private health insurance providers.

When you fill out the form, you will see if you qualify for premium tax credits, etc. This all depends on your income, 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 frequently you need medical assistance, and what type 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 form.

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 GA. 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 formerly mentioned, your premium depends on few factors – your payment, household size, do you qualify for any savings programs.

On average, freelancers in Georgia 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 kind of program in Georgia.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Georgia

Other than 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 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 Georgia, 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 most extensive insurance for freelancers and it’s fitting for any sort of business.

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

The cost of general liability insurance

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

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

A lot depends on the form 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 range limit determines your premium. If you are aiming for a larger limit, the premium will obviously 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 Georgia.

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 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 Georgia you can find here.

Home-based business insurance in Georgia

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

Income protection insurance for freelancers in GA

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 salary. This insurance is often limited for a certain period of time. In Georgia, 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 covered from 30 days to few years, depending on the insurance agency.

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

Ways to purchase the insurance

After you checked all your options, you should decide which type 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. On the other hand, this option is time-consuming and more expensive.

The second option is online buying. You can find the company in any part of Georgia, and acquire the insurance without your attendance. 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 finest thing – online insurance often comes with additional benefits!

An additional way is to join any Freelancer organization in Georgia. The organization itself is not an insurance company, but it can connect 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 Georgia

You decided 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 Georgia. Add even the expenses you think you will never have. Now respond to yourself – are you equipped to be a freelancer? If yes, here is a link that can help you start a freelance business in Georgia, and make the first steps.

*price may vary depending on the insurance company

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