Freelancer Insurance in New Hampshire

Freelancer insurance in New Hampshire (NH) – is a classification of self-employed insurance covering all, from health insurance to insurance for any sort of work mishap or mistake. We will talk through all the categories of insurance a freelancer might want.

First of all, let’s make it crystal clear. In New Hampshire, if you want to be a freelancer, you are falling into the classification 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.

Types of insurance for freelancers in New Hampshire

There are different types of freelancer insurance in New Hampshire. If you are thinking to become a free 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, in case not you protect yourself in time.

As a self-employed person, the first thing you need is health insurance. Besides health insurance, you might have other insurance types. Depends on the form of your business.

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

Health insurance for freelancers in New Hampshire

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 collate offers from individual 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 wages, 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 lowered 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 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 NH. 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 previously mentioned, your premium depends on few factors – your salary, household size, do you qualify for any savings programs.

On average, freelancers in New Hampshire 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 check if you qualify for this kind of program in New Hampshire.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in New Hampshire

In addition to health insurance, there is a so-called “business insurance” form. 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 category of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in New Hampshire, so you can decide to choose 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 sort of business.

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

The cost of general liability insurance

The fare of general liability insurance in New Hampshire depends on several things – the coverage you pick out, the type of business, the insuring company.

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

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

Here you can find more facts about general liability insurance in New Hampshire.

Professional liability insurance for freelancers

Professional liability insurance covers money losses that are the result of malpractice, errors, and negligence. It is suitable for all the businesses that are offering services to their clients.

This insurance is also addressed as Errors & Omissions insurance.

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

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

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

Home-based business insurance in New Hampshire

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 establishing their offices in their homes.

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

Income protection insurance for freelancers in NH

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 tax-free salary. This insurance is usually limited for a certain period of time. In New Hampshire, 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 waiting period 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 New Hampshire is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed 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. However, this option is time-consuming and more expensive.

One more option is online purchase. You can find the company in any part of New Hampshire, 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 best thing – online insurance often comes with additional benefits!

An additional way is to join any Freelancer organization in New Hampshire. The organization itself is not an insurance provider, but it can link 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 New Hampshire

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

Put down all the expenses of being a freelancer in New Hampshire. Add even the expenses you think you will never have. Now reply to yourself – are you set to be a freelancer? If yes, here is a link that can guide you to start a freelance business in New Hampshire, and make the first steps.

*price may vary depending on the insurance company

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