Freelancer Insurance in Louisiana

Freelancer insurance in Louisiana (LA) – is a group of self-employed insurance covering everything, from health insurance to insurance for any category of work accident or omission. We will talk through all the kinds of insurance a freelancer might want.

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

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Freelancer Insurance in Louisiana

Types of insurance for freelancers in Louisiana

There are different types of freelancer insurance in Louisiana. If you are thinking to become an individual 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, in case not you protect yourself in time.

As a self-employed person, the basic 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 Louisiana, and how to protect yourself the best.

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Health insurance for freelancers in Louisiana

If you are self-employed, you need 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 individual 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 salary, 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 lowered 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 request.

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 LA. 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 earlier mentioned, your premium depends on multiple factors – your income, household size, do you qualify for any savings programs.

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

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Louisiana

Other than 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 consequence out-turn 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 Louisiana, so you can decide to conclude 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 most extensive insurance for freelancers and it’s acceptable for any sort of business.

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

The cost of general liability insurance

The price of general liability insurance in Louisiana depends on a number of things – the coverage you go for, the kind of business, the insuring company.

The standard price of general liability insurance in LA is approximately $40* per month, which is $480 per 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 range limit determines your premium. If you are aiming for greater coverage, the premium will for sure be higher. Some of the most common coverage limits are $1 million and $2 million.

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

Professional liability insurance for freelancers

Professional liability insurance covers economic 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 types of businesses, such as lawyers and medical workers, this type 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 E&O insurance types in Louisiana you can find here.

Home-based business insurance in Louisiana

Another type of business insurance that freelancers can take into consideration is home-based business insurance. Since the point of being a freelancer is being in a position to work remotely, many freelancers are setting up their offices in their homes.

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

Income protection insurance for freelancers in LA

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

Ways to purchase the insurance

After you reviewed all your options, you must 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 buy the policy is to go to an insurance company and get it. However, this option is time-consuming and more expensive.

One more option is online buying. You can find the company in any part of Louisiana, and acquire 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 often comes with additional benefits!

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

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

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

*price may vary depending on the insurance company

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