Freelancer Insurance in Tennessee

Freelancer insurance in Tennessee (TN) – is a group of self-employed insurance covering everything, from health insurance to insurance for any type of work mishap or error. We will talk about all the categories of insurance a freelancer might require.

First of all, let’s make it understandable. In Tennessee, 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 Tennessee

There are different types of freelancer insurance in Tennessee. If you are thinking to become an independent worker and enjoy the benefits of “being your own boss”, you could 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 omissions can cost you quite a bit of money, unless you protect yourself in time.

As a self-employed person, the primary thing you need is health insurance. Besides health insurance, you might need other insurance types. Depends on the form of your business.

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

Health insurance for freelancers in Tennessee

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 divergent 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 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 TN. 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 previously mentioned, your premium depends on few factors – your payment, household size, do you qualify for any savings programs.

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

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Tennessee

Other than 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 outcome 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 Tennessee, so you can decide to choose 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 widest insurance for freelancers and it’s suitable for any sort of business.

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

The cost of general liability insurance

The cost of general liability insurance in Tennessee depends on a number of things – the coverage you opt for, the sort of business, the insuring company.

The median price of general liability insurance in TN is approximate $40* monthly, which is $480 per 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 higher premium than someone who is working as a copywriter.

Also, the coverage limit determines your premium. If you are aiming for wider coverage, the premium will for sure be higher. Some of the usual coverage limits are $1 million and $2 million.

Here you can find more details about general liability insurance in Tennessee.

Professional liability insurance for freelancers

Professional liability insurance covers financial losses that are the outcome 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 norm cost of professional liability insurance is $59* per month, which is $708 per year.

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

Home-based business insurance in Tennessee

One more type of business insurance that freelancers can take into consideration is home-based business insurance. Since the main idea of being a freelancer is being able to work remotely, many freelancers are establishing their offices in their homes.

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

Income protection insurance for freelancers in TN

Income protection insurance for freelancers works in the same manner as for any other business. If you are unable to work due to illness or injury, you will get a regular non-taxed salary. This insurance is most likely limited for a certain period of time. In Tennessee, 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 Tennessee is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed all your options, you must 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.

One more option is online purchase. You can find the company in any part of Tennessee, and purchase 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 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 Tennessee. The organization itself is not an insurance seller, 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 Tennessee

You chose to take a step forward, quit your job and try to establish something for yourself. It’s great! But before doing so, be assured to understand all the liabilities that you will have as “the boss”.

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

*price may vary depending on the insurance company

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