Freelancer Insurance in Idaho

Freelancer insurance in Idaho (ID) – is a categorization of self-employed insurance covering everything, from health insurance to insurance for any sort of work injury or error. We will talk about all the types of insurance a freelancer might want.

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

Types of insurance for freelancers in Idaho

There are different types of freelancer insurance in Idaho. 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 make anything”. The end result of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these mistakes can cost you quite a bit of money, unless you protect yourself in time.

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

Health insurance for freelancers in Idaho

If you are self-employed, you should find 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 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 fees that you have to pay. Your choice mainly depends on your needs; how frequently you need medical assistance, and what kind of treatments you need.

The monthly premium can also be decreased if you qualify for savings programs. This all depends on your salary 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 ID. 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 earlier mentioned, your premium depends on few factors – your income, household size, do you qualify for any savings programs.

On average, freelancers in Idaho 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 check if you qualify for this sort of program in Idaho.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Idaho

Aside from 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 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 Idaho, so you can decide to conclude to what suits you the best.

General liability insurance for freelancers

General liability insurance covers money losses that are the result of bodily injuries, property damage, medical expenses, libel, slander, defending a lawsuit, etc. It is the widest insurance for freelancers and it’s suitable for any form of business.

This insurance is considered one of the best sorts 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 Idaho depends on a few things – the coverage you opt for, the sort of business, the insuring company.

The median price of general liability insurance in ID is approximately $40* per month, which is $480 yearly.

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 a more expensive premium than someone who is working as a copywriter.

Also, the range 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 details about general liability insurance in Idaho.

Professional liability insurance for freelancers

Professional liability insurance covers money 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 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 E&O insurance types in Idaho you can find here.

Home-based business insurance in Idaho

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

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

Income protection insurance for freelancers in ID

Income protection insurance for freelancers works in the same manner as for any other job. If you cannot work due to illness or injury, you will get a regular non taxed income. This insurance is most likely limited for a certain period of time. In Idaho, 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 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 Idaho is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed all your options, you must 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 purchase 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 purchase. You can find the company in any part of Idaho, and buy 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 more importantly, you will save money. And the finest thing – online insurance usually comes with additional benefits!

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

Conclusion about insurance for freelancers in Idaho

You figured to take a step forward, leave 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”.

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

*price may vary depending on the insurance company

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