Freelancer Insurance in Missouri

Freelancer insurance in Missouri (MO) – is a classification of self-employed insurance covering every single thing, from health insurance to insurance for any type of work mishap or error. We will discuss all the kinds of insurance a freelancer might require.

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

Types of insurance for freelancers in Missouri

There are different types of freelancer insurance in Missouri. If you are thinking to become a free worker and enjoy the benefits of “being your own boss”, you could 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 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 have other insurance types. Depends on the type of your business.

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

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Health insurance for freelancers in Missouri

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 divergent 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 salary, household size-dependent family members…

You can choose between 4 “metal categories” for your health insurance – Bronze, Silver, Gold, and Platinum. The dissimilarity 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 payment and household size and will be explained to you when filling the Marketplace insurance form.

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

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

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Missouri

Other than health insurance, there is a so-called “business insurance” form. 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 Missouri, so you can decide to determine 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 fitting for any kind of business.

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

The cost of general liability insurance

The price of general liability insurance in Missouri depends on several things – the coverage you pick out, the kind of business, the insuring company.

The average price of general liability insurance in MO is approximate $40* monthly, 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 more expensive premium than someone who is working as a copywriter.

Also, the range limit determines your premium. If you are aiming for wider insurance coverage, the premium will obviously be higher. Some of the most common coverage limits are $1 million and $2 million.

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

Professional liability insurance for freelancers

Professional liability insurance covers financial losses that are the out-turn of malpractice, errors, and negligence. It is suitable for all the businesses that are providing services to their clients.

This insurance is also known as Errors & Omissions insurance.

For some professions, 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 Errors and omissions types in Missouri you can find here.

Home-based business insurance in Missouri

An additional type of business insurance that freelancers can take into consideration is home-based business insurance. Since the main goal 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 Missouri depends on a number of factors – credit history, type of business, etc. Some standard cost in Missouri is $250* to $500* per year.

Income protection insurance for freelancers in MO

Income protection insurance for freelancers works in the same manner as for any other job. If you are unable to work due to illness or injury, you will get a regular untaxed income. This insurance is in most cases limited for a certain period of time. In Missouri, 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 Missouri is 1-3%* of your annual income.

Ways to purchase the insurance

After you verified all your options, you have to 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 purchase the policy is to go to an insurance company and get it. On the other hand, this option is time-consuming and pricey.

The second option is online purchase. You can find the company in any part of Missouri, and buy the insurance without your appearance. 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 mainly, 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 Missouri. The organization itself is not an insurance company, but it can link you to an insurance company. Potentially, this way can be lower priced than going to the office of the insurer.

Conclusion about insurance for freelancers in Missouri

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

Put down all the costs of being a freelancer in Missouri. Add even the costs you think you will never have. Now respond to yourself – are you prepared to be a freelancer? If yes, here is a link that can help you start a freelance business in Missouri, and make the first steps.

*price may vary depending on the insurance company

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