Freelancer Insurance in Rhode Island

Freelancer insurance in Rhode Island (RI) – is a group of self-employed insurance covering all, from health insurance to insurance for any sort of work mishap or error. We will talk through all the sorts of insurance a freelancer might need.

First of all, let’s make it clear. In Rhode Island, 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 health insurance.

Types of insurance for freelancers in Rhode Island

There are different types of freelancer insurance in Rhode Island. If you are thinking to become an independent 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 result of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these errors 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 need other insurance types. Depends on the type of your business.

So, let’s go step by step and see how much is going to cost you to be a freelancer in Rhode Island, and how to protect yourself the best.

Health insurance for freelancers in Rhode Island

If you are self-employed, you need to choose the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can weigh up offers from divergent private health insurance providers.

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

You can choose between 4 “metal categories” for your health insurance – Bronze, Silver, Gold, and Platinum. The dissimilarity is not in the quality of service, but in the price 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 income 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 RI. 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 previously mentioned, your premium depends on several factors – your salary, household size, do you qualify for any savings programs.

On average, freelancers in Rhode Island 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 Rhode Island.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Rhode Island

In addition to health insurance, there is a so-called “business insurance” category. To protect your business and have coverage for any injury or destruction 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 Rhode Island, so you can decide to make a decision what suits you the best.

General liability insurance for freelancers

General liability insurance covers financial 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 form of business.

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

The cost of general liability insurance

The fare of general liability insurance in Rhode Island depends on several things – the coverage you pick out, the kind of business, the insuring company.

The standard price of general liability insurance in RI is approximately $40* within 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 more expensive premium than someone who is working as a copywriter.

Also, the range limit determines your premium. If you are aiming for wider insurance coverage, the premium will obviously 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 Rhode Island.

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 referred to as Errors & Omissions insurance.

For some types of businesses, such as lawyers and medical workers, this form 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 Rhode Island you can find here.

Home-based business insurance in Rhode Island

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 establishing their offices in their homes.

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

Income protection insurance for freelancers in RI

Income protection insurance for freelancers works the same way as for any other profession. If you may not work due to illness or injury, you will get a regular non-taxed income. This insurance is in most cases limited for a certain period of time. In Rhode Island, 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 delay of up to 14 days.

When it comes to long-term disability insurance, you are protected from 30 days to few years, depending on the insurance agency.

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

Ways to purchase the insurance

After you verified all your options, you must 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 get the policy is to go to an insurance company and get it. Anyhow, this option is time-consuming and more expensive.

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

Another way is to join any Freelancer organization in Rhode Island. The organization itself is not an insurance provider, but it can connect you to an insurance company. Potentially, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Rhode Island

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

Put on the paper all the costs of being a freelancer in Rhode Island. Add even the costs you think you will never have. Now reply to yourself – are you ready to be a freelancer? If yes, here is a link that can tutor you to start a freelance business in Rhode Island, and make the first steps.

*price may vary depending on the insurance company

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