Freelancer Insurance in New Mexico

Freelancer insurance in New Mexico (NM) – is a category of self-employed insurance covering all, from health insurance to insurance for any sort of work accident or omission. We will talk about all the kinds of insurance a freelancer might need.

First of all, let’s make it clear. In New Mexico, 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 entrepreneur and the employee. You have to take care of your rights, including providing medical care.

Types of insurance for freelancers in New Mexico

There are different types of freelancer insurance in New Mexico. If you are thinking to become an independent 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 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, if not 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 New Mexico, and how to protect yourself the best.

Health insurance for freelancers in New Mexico

If you are self-employed, you must choose the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can compare 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 distinction is not in the quality of service, but in the price that you have to pay. Your choice mainly depends on your needs; how often you need medical assistance, and what kind of treatments you need.

The monthly premium can also be decreased 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 request.

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 NM. 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 several factors – your income, household size, do you qualify for any savings programs.

On average, freelancers in New Mexico 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 kind of program in New Mexico.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in New Mexico

Other than health insurance, there is a so-called “business insurance” category. To protect your business and have coverage for any injury or harm 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 New Mexico, so you can decide to conclude to 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.

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 price of general liability insurance in New Mexico depends on a number of things – the coverage you select, the sort of business, the insuring company.

The average price of general liability insurance in NM 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 more expensive premium than someone who is working as a copywriter.

Also, the coverage limit determines your premium. If you are aiming for larger insurance coverage, the premium will definitely 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 New Mexico.

Professional liability insurance for freelancers

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

This insurance is also known 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 average cost of professional liability insurance is $59* per month, which is $708 per year.

More about Errors and omissions types in New Mexico you can find here.

Home-based business insurance in New Mexico

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 establishing their offices in their homes.

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

Income protection insurance for freelancers in NM

Income protection insurance for freelancers works the same way as for any other job. If you may not work due to illness or injury, you will get a regular untaxed salary. This insurance is in most cases limited for a certain period of time. In New Mexico, 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 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 Mexico is 1-3%* of your annual income.

Ways to purchase the insurance

After you verified all your options, you should decide which sort 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 pricey.

The second option is online buying. You can find the company in any part of New Mexico, and buy the insurance without your appearance. 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 mainly, you will save money. And the finest thing – online insurance often comes with additional benefits!

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

Conclusion about insurance for freelancers in New Mexico

You are determined to take a step forward, leave your job, and try to make 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 New Mexico. Add up even the fees you think you will never have. Now reply to yourself – are you equipped to be a freelancer? If yes, here is a link that can tutor you to start a freelance business in New Mexico, and make the first steps.

*price may vary depending on the insurance company

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