Freelancer Insurance in Massachusetts

Freelancer insurance in Massachusetts (MA) – is a group of self-employed insurance covering everything, from health insurance to insurance for any kind of work mishap or error. We will talk through all the sorts of insurance a freelancer might want.

First of all, let’s make it clear. In Massachusetts, 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 insurance.

Types of insurance for freelancers in Massachusetts

There are different types of freelancer insurance in Massachusetts. If you are thinking to become an individual worker and enjoy the benefits of “being your own boss”, you should 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 result of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these mistakes 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 want 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 Massachusetts, and how to protect yourself the best.

Health insurance for freelancers in Massachusetts

If you are self-employed, you should choose the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can collate offers from divergent private health insurance providers.

When you fill out the request, you will see if you qualify for 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 often you need medical assistance, and what type 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 form.

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 MA. 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 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 few factors – your income, household size, do you qualify for any savings programs.

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

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Massachusetts

Aside from health insurance, there is a so-called “business insurance” category. To protect your business and have coverage for any injury or damage that can be a consequence result 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 Massachusetts, so you can decide to determine 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 form of business.

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

The cost of general liability insurance

The fee of general liability insurance in Massachusetts depends on a couple of things – the coverage you go for, the type of business, the insuring company.

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

A lot depends on the type 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 coverage limit determines your premium. If you are aiming for a bigger limit, the premium will definitely 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 Massachusetts.

Professional liability insurance for freelancers

Professional liability insurance covers financial losses that are the result 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 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 Errors and omissions types in Massachusetts you can find here.

Home-based business insurance in Massachusetts

Another type of business insurance that freelancers can think about is home-based business insurance. Since the main goal 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 Massachusetts depends on few factors – credit history, type of business, etc. Some standard cost in Massachusetts is $250* to $500* per year.

Income protection insurance for freelancers in MA

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 untaxed salary. This insurance is usually limited for a certain period of time. In Massachusetts, 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 delay of up to 14 days.

When it comes to long-term disability insurance, you are insured from 30 days to few years, depending on the insurance agency.

Usually, the price in Massachusetts is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed all your options, you should 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 buy the policy is to go to an insurance company and get it. Anyhow, this option is time-consuming and pricey.

Another option is online purchases. You can find the company in any part of Massachusetts, and purchase the insurance without your attendance. 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 mainly, you will save money. And the finest thing – online insurance in most cases comes with additional benefits!

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

Conclusion about insurance for freelancers in Massachusetts

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

Write down all the fees of being a freelancer in Massachusetts. Add up even the fees 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 guide you to start a freelance business in Massachusetts, and make the first steps.

*price may vary depending on the insurance company

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