Freelancer Insurance in Montana

Freelancer insurance in Montana (MT) – is a category of self-employed insurance covering all, from health insurance to insurance for any kind of work accident or omission. We will talk about all the types of insurance a freelancer might need.

First of all, let’s make it understandable. In Montana, 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 proprietor and the employee. You have to take care of your rights, including providing medical insurance.

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Freelancer Insurance in Montana

Types of insurance for freelancers in Montana

There are different types of freelancer insurance in Montana. If you are thinking to become an independent 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 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 basic 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 Montana, and how to protect yourself the best.

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Health insurance for freelancers in Montana

If you are self-employed, you need to choose 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 salary, 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 fees 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 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 MT. 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 formerly mentioned, your premium depends on multiple factors – your payment, household size, do you qualify for any savings programs.

On average, freelancers in Montana 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 confirm if you qualify for this sort of program in Montana.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Montana

Aside from health insurance, there is a so-called “business insurance” category. 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 form of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Montana, so you can decide to conclude to 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 widest insurance for freelancers and it’s acceptable 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 could happen during your work.

The cost of general liability insurance

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

The standard price of general liability insurance in MT is approximately $40* per month, which is $480 yearly.

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 an excessive premium over someone who is working as a copywriter.

Also, the coverage limit determines your premium. If you are aiming for a wider limit, the premium will for sure be higher. Some of the usual coverage limits are $1 million and $2 million.

Here you can find more details about general liability insurance in Montana.

Professional liability insurance for freelancers

Professional liability insurance covers economic 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 kind 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 Montana you can find here.

Home-based business insurance in Montana

An additional type of business insurance that freelancers can consider is home-based business insurance. Since the main idea of being a freelancer is being in a position to work remotely, many freelancers are establishing their offices in their homes.

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

Income protection insurance for freelancers in MT

Income protection insurance for freelancers works in the same manner as for any other business. If you cannot work due to illness or injury, you will get a regular untaxed salary. This insurance is often limited for a certain period of time. In Montana, 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 detain 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 Montana is 1-3%* of your annual income.

Ways to purchase the insurance

After you verified all your options, you must 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 get the policy is to go to an insurance company and get it. Anyhow, this option is time-consuming and more expensive.

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

Another way is to join any Freelancer organization in Montana. The organization itself is not an insurance seller, but it can connect you to an insurance company. Potentially, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Montana

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

Write down all the fees of being a freelancer in Montana. Add up even the expenses you think you will never have. Now answer to yourself – are you equipped to be a freelancer? If yes, here is a link that can guide you to start a freelance business in Montana, and make the first steps.

*price may vary depending on the insurance company

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