Freelancer Insurance in North Carolina

Freelancer insurance in North Carolina (NC) – is a category of self-employed insurance covering every single thing, from health insurance to insurance for any kind of work injury or omission. We will discuss all the kinds of insurance a freelancer might want.

First of all, let’s make it understandable. In North Carolina, 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 business owner and the employee. You have to take care of your rights, including providing medical care.

Need Freelancer Insurance?
Get Your Free Quote

Freelancer Insurance in North Carolina

Types of insurance for freelancers in North Carolina

There are different types of freelancer insurance in North Carolina. If you are thinking to become an individual 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 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, 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 type of your business.

So, let’s go one step at a time and see how much is going to cost you to be a freelancer in North Carolina, and how to protect yourself the best.

Small Business General Liability Protection:
>> Get Your Free Quote

Health insurance for freelancers in North Carolina

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 weigh up offers from individual private health insurance providers.

When you fill out the request, you will see if you can apply for premium tax credits, etc. This all depends on your income, household size-dependent family members…

You can choose between 4 “metal categories” for your health insurance – Bronze, Silver, Gold, and Platinum. The difference is not in the quality of service, but in the fees that you have to pay. Your choice mainly depends on your needs; how frequently you need medical assistance, and what sort 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 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 NC. 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 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 several factors – your salary, household size, do you qualify for any savings programs.

On average, freelancers in North Carolina 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 in a month. To check if you qualify for this sort of program in North Carolina.

Get Your Business Insurance:
>> Get Your Free Quote

*price may vary depending on the insurance company

Other types of freelancers’ insurance in North Carolina

Besides 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 result 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 North Carolina, so you can decide to choose what suits you the best.

General liability insurance for freelancers

General liability insurance covers economic 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 suitable for any kind of business.

Get Your Business Insurance:
For Your Free Quote, Try NOW!

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

The cost of general liability insurance

The fare of general liability insurance in North Carolina depends on a couple of things – the coverage you go for, the sort of business, the insuring company.

The average price of general liability insurance in NC is approximate $40* monthly, which is $480 yearly.

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 higher 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 definitely be higher. Some of the usual coverage limits are $1 million and $2 million.

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

Professional liability insurance for freelancers

Professional liability insurance covers economic 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 kind 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 North Carolina you can find here.

Home-based business insurance in North Carolina

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

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

Income protection insurance for freelancers in NC

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 tax-free payment. This insurance is most likely limited for a certain period of time. In North Carolina, it is usually referred to as disability income insurance.

There are two sorts: 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 North Carolina is 1-3%* of your annual income.

Ways to purchase the insurance

After you verified all your options, you should decide which type 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 buying. You can find the company in any part of North Carolina, and purchase the insurance without your attendance. 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 finest thing – online insurance usually comes with additional benefits!

The third way is to join any Freelancer organization in North Carolina. The organization itself is not an insurance seller, 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 North Carolina

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

Put down all the expenses of being a freelancer in North Carolina. Count even the costs 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 guide you to start a freelance business in North Carolina, and make the first steps.

*price may vary depending on the insurance company

4MeNearMe.com
Logo
Enable registration in settings - general