Freelancer Insurance in Mississippi

Freelancer insurance in Mississippi (MS) – is a classification of self-employed insurance covering all, from health insurance to insurance for any category of work mishap or mistake. We will talk through all the categories of insurance a freelancer might require.

First of all, let’s make it understandable. In Mississippi, 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 medical care.

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Freelancer Insurance in Mississippi

Types of insurance for freelancers in Mississippi

There are different types of freelancer insurance in Mississippi. 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 a lot 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 want other insurance types. Depends on the sort of your business.

So, let’s go step by step and see how much is going to cost you to be a freelancer in Mississippi, and how to protect yourself the best.

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Health insurance for freelancers in Mississippi

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 weigh up offers from different private health insurance providers.

When you fill out the request, 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 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 income and household size and will be explained to you when filling the Marketplace insurance request.

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 MS. 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 multiple factors – your salary, household size, do you qualify for any savings programs.

On average, freelancers in Mississippi 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 in a month. To check if you qualify for this sort of program in Mississippi.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Mississippi

Other than health insurance, there is a so-called “business insurance” type. To protect your business and have coverage for any injury or damage 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 Mississippi, so you can decide to determine what suits you the best.

General liability insurance for freelancers

General liability insurance covers money 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 kind of business.

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

The cost of general liability insurance

The cost of general liability insurance in Mississippi depends on a couple of things – the coverage you opt for, the sort of business, the insuring company.

The standard price of general liability insurance in MS is approximate $40* monthly, which is $480 per year.

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 range limit determines your premium. If you are aiming for greater coverage, the premium will for sure 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 Mississippi.

Professional liability insurance for freelancers

Professional liability insurance covers monetary losses that are the out-turn 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 form 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 Errors and omissions types in Mississippi you can find here.

Home-based business insurance in Mississippi

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 free to work remotely, many freelancers are establishing their offices in their homes.

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

Income protection insurance for freelancers in MS

Income protection insurance for freelancers works the same as for any other profession. If you are unable to work due to illness or injury, you will get a regular non-taxed salary. This insurance is in most cases limited for a certain period of time. In Mississippi, 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 protected from 30 days to few years, depending on the insurance agency.

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

Ways to purchase the insurance

After you verified all your options, you have to 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.

Another option is online purchases. You can find the company in any part of Mississippi, 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 mainly, you will save money. And the best thing – online insurance often comes with additional benefits!

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

Conclusion about insurance for freelancers in Mississippi

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

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

*price may vary depending on the insurance company

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