Freelancer Insurance in Kentucky

Freelancer insurance in Kentucky (KY) – is a category of self-employed insurance covering all, from health insurance to insurance for any sort of work mishap or mistake. We will talk about all the kinds of insurance a freelancer might require.

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

Types of insurance for freelancers in Kentucky

There are different types of freelancer insurance in Kentucky. 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 outcome 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 basic thing you need is health insurance. Besides health insurance, you might have 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 Kentucky, and how to protect yourself the best.

Health insurance for freelancers in Kentucky

If you are self-employed, you must pick out the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can weigh up offers from individual private health insurance providers.

When you fill out the application, 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 often you need medical assistance, and what kind of treatments you need.

The monthly premium can also be lowered 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 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 KY. 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 formerly mentioned, your premium depends on few factors – your income, household size, do you qualify for any savings programs.

On average, freelancers in Kentucky 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 verify if you qualify for this sort of program in Kentucky.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Kentucky

Other than health insurance, there is a so-called “business insurance” form. To protect your business and have coverage for any injury or destruction that can be consequence out-turn of your work, you need to have business insurance.

Depending on the type form of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Kentucky, so you can decide to make a decision what suits you the best.

General liability insurance for freelancers

General liability insurance covers monetary 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 acceptable for any form of business.

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

The cost of general liability insurance

The fee of general liability insurance in Kentucky depends on a few things – the coverage you go for, the sort of business, the insuring company.

The average price of general liability insurance in KY 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 a higher premium than someone who is working as a copywriter.

Also, the coverage limit determines your premium. If you are aiming for a larger limit, the premium will definitely be higher. Some of the usual coverage limits are $1 million and $2 million.

Here you can find more information about general liability insurance in Kentucky.

Professional liability insurance for freelancers

Professional liability insurance covers economic losses that are the outcome 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 kind of insurance is mandatory. Others can choose if they want to ensure their business.

The norm cost of professional liability insurance is $59* per month, which is $708 per year.

More about Errors and omissions types in Kentucky you can find here.

Home-based business insurance in Kentucky

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

Income protection insurance for freelancers in KY

Income protection insurance for freelancers works the same way as for any other job. If you cannot work due to illness or injury, you will get a regular tax-free income. This insurance is in most cases limited for a certain period of time. In Kentucky, 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 hold up 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 Kentucky is 1-3%* of your annual income.

Ways to purchase the insurance

After you verified all your options, you must decide which sort 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. Anyhow, this option is time-consuming and more expensive.

One more option is online buying. You can find the company in any part of Kentucky, and purchase the insurance without your presence. 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 finest thing – online insurance often comes with additional benefits!

An additional way is to join any Freelancer organization in Kentucky. The organization itself is not an insurance company, but it can associate you with an insurance company. Virtually, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Kentucky

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

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

*price may vary depending on the insurance company

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