Freelancer Insurance in Oregon

Freelancer insurance in Oregon (OR) – is a classification of self-employed insurance covering everything, from health insurance to insurance for any category of work injury or omission. We will talk through all the categories of insurance a freelancer might want.

First of all, let’s make it clear. In Oregon, 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 business owner and the employee. You have to take care of your rights, including providing health insurance.

Types of insurance for freelancers in Oregon

There are different types of freelancer insurance in Oregon. If you are thinking to become an individual 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 final result of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these mistakes can cost you a lot of money, in case, not 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 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 Oregon, and how to protect yourself the best.

Health insurance for freelancers in Oregon

If you are self-employed, you should pick out the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can collate offers from different 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 price that you have to pay. Your choice mainly depends on your needs; how often 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 income and household size and will be explained to you when filling the Marketplace insurance application.

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 OR. 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 question that everyone who is thinking about freelancing wants to know. How much will cost you to be a freelancer? As formerly mentioned, your premium depends on few factors – your income, household size, do you qualify for any savings programs.

On average, freelancers in Oregon 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 verify if you qualify for this sort of program in Oregon.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Oregon

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 outcome 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 Oregon, so you can decide to conclude 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 suitable for any form of business.

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

The cost of general liability insurance

The price of general liability insurance in Oregon depends on a couple of things – the coverage you pick out, the sort of business, the insuring company.

The average price of general liability insurance in OR is approximately $40* within a month, which is $480 within a year.

A lot depends on the form 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 insurance coverage limit determines your premium. If you are aiming for a bigger 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 details about general liability insurance in Oregon.

Professional liability insurance for freelancers

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

This insurance is also referred to 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 Oregon you can find here.

Home-based business insurance in Oregon

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 establishing their offices in their homes.

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

Income protection insurance for freelancers in OR

Income protection insurance for freelancers works the same as for any other job. If you cannot work due to illness or injury, you will get a regular untaxed salary. This insurance is often limited for a certain period of time. In Oregon, 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 covered from 30 days to few years, depending on the insurance agency.

Usually, the price in Oregon is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed all your options, you should decide which form of insurance you need. When all the decisions are made, what is left is to purchase an insurance policy.

The first way, to get the policy is to go to an insurance company and get it. Anyhow, this option is time-consuming and pricey.

Another option is online purchases. You can find the company in any part of Oregon, 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 more importantly, 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 Oregon. The organization itself is not an insurance company, 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 Oregon

You figured 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 responsibilities that you will have as “the boss”.

Write down all the costs of being a freelancer in Oregon. Add even the expenses you think you will never have. Now respond to yourself – are you prepared to be a freelancer? If yes, here is a link that can tutor you to start a freelance business in Oregon, and make the first steps.

*price may vary depending on the insurance company

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