Freelancer Insurance in New York

Freelancer insurance in New York (NYC) – is a category of self-employed insurance covering everything, from health insurance to insurance for any type of work mishap or mistake. We will talk through all the types of insurance a freelancer might require.

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

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Freelancer Insurance in New York

Types of insurance for freelancers in New York

There are different types of freelancer insurance in New York. 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 result of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these mistakes can cost you too much money, in case, not protect yourself in time.

As a self-employed person, the initial 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 York, and how to protect yourself the best.

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Health insurance for freelancers in New York

If you are self-employed, you have 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 form, you will see if you qualify for 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 often you need medical assistance, and what kind of treatments you need.

The monthly premium can also be reduced 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 application.

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 NYC. 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 inquiry 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 New York 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 verify if you qualify for this type of program in New York.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in New York

In addition to health insurance, there is a so-called “business insurance” type. To protect your business and have coverage for any injury or harm that can be a consequence result 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 New York, so you can decide to make a decision 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 form of business.

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

The cost of general liability insurance

The fare of general liability insurance in New York depends on several things – the coverage you opt for, the kind of business, the insuring company.

The standard price of general liability insurance in NYC is approximately $40* within 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 an excessive premium over someone who is working as a copywriter.

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

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

Professional liability insurance for freelancers

Professional liability insurance covers economic 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 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 norm cost of professional liability insurance is $59* per month, which is $708 per year.

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

Home-based business insurance in New York

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

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

Income protection insurance for freelancers in NYC

Income protection insurance for freelancers works the same way as for any other profession. If you are unable to work due to illness or injury, you will get a regular untaxed income. This insurance is most likely limited for a certain period of time. In New York, 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 hold up 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 York 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 purchase the policy is to go to an insurance company and get it. Anyhow, this option is time-consuming and pricey.

The second option is online purchase. You can find the company in any part of New York, and acquire the insurance without your appearance. 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 finest thing – online insurance usually comes with additional benefits!

An additional way is to join any Freelancer organization in New York. The organization itself is not an insurance provider, but it can connect you to an insurance company. Possibly, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in New York

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

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

*price may vary depending on the insurance company

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