Freelancer Insurance in South Carolina

Freelancer insurance in South Carolina (SC) – is a category of self-employed insurance covering every single thing, from health insurance to insurance for any type of work accident or error. We will talk about all the categories of insurance a freelancer might need.

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First of all, let’s make it understandable. In South Carolina, if you want to be a freelancer, you are falling into the categorization 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.

Freelancer Insurance in South Carolina

Types of insurance for freelancers in South Carolina

There are different types of freelancer insurance in South Carolina. If you are thinking to become a free 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 mistakes can cost you too much 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 need other insurance types. Depends on the sort of your business.

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

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Health insurance for freelancers in South Carolina

If you are self-employed, you must pick out 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 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 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 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 SC. 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 query 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 South 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 monthly. To check if you qualify for this sort of program in South Carolina.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in South Carolina

Aside from 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 South Carolina, 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 acceptable for any kind of business.

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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 cost of general liability insurance in South Carolina depends on a couple of things – the coverage you pick out, the kind of business, the insuring company.

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

Also, the insurance coverage limit determines your premium. If you are aiming for a bigger limit, the premium will for sure 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 South Carolina.

Professional liability insurance for freelancers

Professional liability insurance covers financial losses that are the result of malpractice, errors, and negligence. It is suitable for all the businesses that are giving 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 South Carolina you can find here.

Home-based business insurance in South Carolina

Another type of business insurance that freelancers can take into consideration is home-based business insurance. Since the main goal of being a freelancer is being free to work remotely, many freelancers are starting their offices in their homes.

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

Income protection insurance for freelancers in SC

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 untaxed payment. This insurance is most likely limited for a certain period of time. In South 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 protected from 30 days to few years, depending on the insurance agency.

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

Ways to purchase the insurance

After you reviewed all your options, you must decide which category 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. On the other hand, this option is time-consuming and pricey.

The second option is online buying. You can find the company in any part of South Carolina, and buy the insurance without your presence. 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 greatest thing – online insurance in most cases comes with additional benefits!

An additional way is to join any Freelancer organization in South Carolina. The organization itself is not an insurance seller, 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 South Carolina

You are determined to take a step forward, leave 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 South Carolina. Add even the fees you think you will never have. Now reply to yourself – are you willing to be a freelancer? If yes, here is a link that can help you start a freelance business in South Carolina, and make the first steps.

*price may vary depending on the insurance company
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