Freelancer Insurance in Oklahoma

Freelancer insurance in Oklahoma (OK) – is a category of self-employed insurance covering all, from health insurance to insurance for any category of work mishap or error. We will talk through all the sorts of insurance a freelancer might want.

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

Types of insurance for freelancers in Oklahoma

There are different types of freelancer insurance in Oklahoma. 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 mistakes 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 want 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 Oklahoma, and how to protect yourself the best.

Health insurance for freelancers in Oklahoma

If you are self-employed, you need to 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 form, you will see if you qualify 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 many times 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 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 OK. 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 earlier mentioned, your premium depends on few factors – your wages, household size, do you qualify for any savings programs.

On average, freelancers in Oklahoma 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 type of program in Oklahoma.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Oklahoma

Other than health insurance, there is a so-called “business insurance” form. 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 category of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Oklahoma, so you can decide to determine 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 broadest insurance for freelancers and it’s fitting for any type of business.

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 Oklahoma 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 OK is approximately $40* in a month, which is $480 per year.

A lot depends on the sort 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 insurance coverage limit determines your premium. If you are aiming for greater coverage, the premium will for sure be higher. Some of the typical coverage limits are $1 million and $2 million.

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

Professional liability insurance for freelancers

Professional liability insurance covers financial losses that are the consequence of malpractice, errors, and negligence. It is suitable for all the businesses that are providing 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 median cost of professional liability insurance is $59* per month, which is $708 per year.

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

Home-based business insurance in Oklahoma

An additional type of business insurance that freelancers can consider is home-based business insurance. Since the main goal 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 Oklahoma depends on few factors – credit history, type of business, etc. Some average cost in Oklahoma is $250* to $500* per year.

Income protection insurance for freelancers in OK

Income protection insurance for freelancers works the same way as for any other business. If you are unable to work due to illness or injury, you will get a regular untaxed payment. This insurance is usually limited for a certain period of time. In Oklahoma, 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 detain 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 Oklahoma is 1-3%* of your annual income.

Ways to purchase the insurance

After you checked all your options, you have to 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. However, this option is time-consuming and pricey.

Another option is online purchases. You can find the company in any part of Oklahoma, and acquire the insurance without your presence. 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 best thing – online insurance often comes with additional benefits!

The third way is to join any Freelancer organization in Oklahoma. The organization itself is not an insurance company, but it can link you to an insurance company. Likely, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Oklahoma

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 certain to understand all the responsibilities that you will have as “the boss”.

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

*price may vary depending on the insurance company

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