Freelancer Insurance in Minnesota

Freelancer insurance in Minnesota (MN) – is a group of self-employed insurance covering everything, from health insurance to insurance for any type of work injury or omission. We will discuss all the types of insurance a freelancer might require.

First of all, let’s make it clear. In Minnesota, 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 proprietor and the employee. You have to take care of your rights, including providing health care.

Types of insurance for freelancers in Minnesota

There are different types of freelancer insurance in Minnesota. 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 outcome of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these omissions can cost you quite a bit of money, unless you protect yourself in time.

As a self-employed person, the primary thing you need is health insurance. Besides health insurance, you might have other insurance types. Depends on the sort 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 Minnesota, and how to protect yourself the best.

Health insurance for freelancers in Minnesota

If you are self-employed, you need to find 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 application, you will see if you can apply for 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 sort 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 form.

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 MN. 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 question 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 wages, household size, do you qualify for any savings programs.

On average, freelancers in Minnesota 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 type of program in Minnesota.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Minnesota

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 a consequence outcome of your work, you need to have business insurance.

Depending on the type category of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Minnesota, 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 broadest insurance for freelancers and it’s acceptable for any sort of business.

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

The cost of general liability insurance

The cost of general liability insurance in Minnesota depends on a couple of things – the coverage you pick out, the type of business, the insuring company.

The average price of general liability insurance in MN is approximately $40* per 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 higher 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 obviously be higher. Some of the typical coverage limits are $1 million and $2 million.

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

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 referred to as Errors & Omissions insurance.

For some jobs, such as lawyers and medical workers, this type of insurance is mandatory. Others can choose if they want to ensure their business.

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

More about E&O insurance types in Minnesota you can find here.

Home-based business insurance in Minnesota

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

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

Income protection insurance for freelancers in MN

Income protection insurance for freelancers works the same 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 Minnesota, 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 delay 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 Minnesota is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed all your options, you must decide which form of insurance you need. When all the decisions are made, what is left is to purchase an insurance policy.

The first way, to purchase the policy is to go to an insurance company and get it. Anyhow, this option is time-consuming and more expensive.

Another option is online buying. You can find the company in any part of Minnesota, and purchase 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 more importantly, you will save money. And the best thing – online insurance usually comes with additional benefits!

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

Conclusion about insurance for freelancers in Minnesota

You chose to take a step forward, quit your job and try to establish 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 down all the fees of being a freelancer in Minnesota. Count even the fees 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 tutor you to start a freelance business in Minnesota, and make the first steps.

*price may vary depending on the insurance company

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