Freelancer Insurance in Indiana

Freelancer insurance in Indiana (IN) – is a group of self-employed insurance covering everything, from health insurance to insurance for any category of work accident or omission. We will discuss all the types of insurance a freelancer might need.

First of all, let’s make it understandable. In Indiana, 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 business owner and the employee. You have to take care of your rights, including providing health care.

Types of insurance for freelancers in Indiana

There are different types of freelancer insurance in Indiana. If you are thinking to become a self-sustaining 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 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 too much 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 need other insurance types. Depends on the form 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 Indiana, and how to protect yourself the best.

Health insurance for freelancers in Indiana

If you are self-employed, you have to choose 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 request, 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 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 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 IN. 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 earlier mentioned, your premium depends on multiple factors – your payment, household size, do you qualify for any savings programs.

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

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Indiana

Besides 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 Indiana, so you can decide to conclude 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 suitable for any form of business.

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

The cost of general liability insurance

The fare of general liability insurance in Indiana depends on several things – the coverage you pick out, the type of business, the insuring company.

The standard price of general liability insurance in IN 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 bigger insurance coverage, the premium will obviously 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 Indiana.

Professional liability insurance for freelancers

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

This insurance is also referred to as Errors & Omissions insurance.

For some professions, such as lawyers and medical workers, this kind 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 Indiana you can find here.

Home-based business insurance in Indiana

One more type of business insurance that freelancers can take into consideration is home-based business insurance. Since the main idea of being a freelancer is being capable to work remotely, many freelancers are starting their offices in their homes.

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

Income protection insurance for freelancers in IN

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

Ways to purchase the insurance

After you verified 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 get 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 purchase. You can find the company in any part of Indiana, and buy the insurance without your attendance. 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 greatest thing – online insurance in most cases comes with additional benefits!

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

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

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

*price may vary depending on the insurance company

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