Freelancer Insurance in Maine

Freelancer insurance in Maine (ME) – is a categorization of self-employed insurance covering everything, from health insurance to insurance for any category of work injury or omission. We will discuss all the categories of insurance a freelancer might require.

First of all, let’s make it understandable. In Maine, if you want to be a freelancer, you are falling into the category of self-employed people.

In practice, this means that you are the entrepreneur and the employee. You have to take care of your rights, including providing health care.

Types of insurance for freelancers in Maine

There are different types of freelancer insurance in Maine. 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 errors can cost you a lot of money, unless you protect yourself in time.

As a self-employed person, the initial 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 slowly and see how much is going to cost you to be a freelancer in Maine, and how to protect yourself the best.

Health insurance for freelancers in Maine

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 different 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 wages, household size-dependent family members…

You can choose between 4 “metal categories” for your health insurance – Bronze, Silver, Gold, and Platinum. The distinction 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 sort of treatments you need.

The monthly premium can also be reduced 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 confirm 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 ME. 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 previously mentioned, your premium depends on multiple factors – your payment, household size, do you qualify for any savings programs.

On average, freelancers in Maine 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 Maine.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Maine

In addition to health insurance, there is a so-called “business insurance” type. 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 form of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Maine, so you can decide to choose what suits you the best.

General liability insurance for freelancers

General liability insurance covers financial 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 kind of business.

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

The cost of general liability insurance

The price of general liability insurance in Maine depends on several things – the coverage you opt for, the type of business, the insuring company.

The median price of general liability insurance in ME is approximately $40* per month, which is $480 within a 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 an excessive premium over someone who is working as a copywriter.

Also, the coverage limit determines your premium. If you are aiming for a bigger limit, the premium will definitely 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 Maine.

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 giving services to their clients.

This insurance is also addressed as Errors & Omissions insurance.

For some types of businesses, 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 Maine you can find here.

Home-based business insurance in Maine

An additional type of business insurance that freelancers can think about is home-based business insurance. Since the point of being a freelancer is being capable to work remotely, many freelancers are setting up their offices in their homes.

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

Income protection insurance for freelancers in ME

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 salary. This insurance is usually limited for a certain period of time. In Maine, 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 hold up 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 Maine is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed all your options, you should 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.

The second option is online purchase. You can find the company in any part of Maine, and acquire the insurance without your presence. 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 best thing – online insurance in most cases comes with additional benefits!

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

Conclusion about insurance for freelancers in Maine

You chose to take a step forward, leave your job and try to build something for yourself. It’s great! But before doing so, be assured to understand all the liabilities that you will have as “the boss”.

Put on the paper all the costs of being a freelancer in Maine. Add even the costs 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 help you start a freelance business in Maine, and make the first steps.

*price may vary depending on the insurance company

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