Freelancer Insurance in Texas

Freelancer insurance in Texas (TX) – is a group of self-employed insurance covering all, from health insurance to insurance for any category of a work accident or mistake. We will talk about all the categories of insurance a freelancer might require.

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

Types of insurance for freelancers in Texas

There are different types of freelancer insurance in Texas. If you are thinking to become a free worker and enjoy the benefits of “being your own boss”, you want 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 end 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, unless you protect yourself in time.

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

So, let’s go one step at a time and see how much is going to cost you to be a freelancer in Texas, and how to protect yourself the best.

Health insurance for freelancers in Texas

If you are self-employed, you have to 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 divergent private health insurance providers.

When you fill out the application, you will see if you are entitled to 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 dissimilarity is not in the quality of service, but in the fare that you have to pay. Your choice mainly depends on your needs; how often you need medical assistance, and what kind 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 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 TX. 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 inquiry 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 multiple factors – your payment, household size, do you qualify for any savings programs.

On average, freelancers in Texas 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 kind of program in Texas.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Texas

Other than 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 form of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Texas, so you can decide to determine what suits you the best.

General liability insurance for freelancers

General liability insurance covers money 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 suitable for any form of business.

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

The cost of general liability insurance

The price of general liability insurance in Texas depends on a few things – the coverage you opt for, the type of business, the insuring company.

The average price of general liability insurance in TX is approximate $40* monthly, 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 a wider limit, the premium will obviously 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 Texas.

Professional liability insurance for freelancers

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

This insurance is also known as Errors & Omissions insurance.

For some types of businesses, such as lawyers and medical workers, this type 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 Errors and omissions types in Texas you can find here.

Home-based business insurance in Texas

An additional 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 in a position to work remotely, many freelancers are establishing their offices in their homes.

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

Income protection insurance for freelancers in TX

Income protection insurance for freelancers works the same way as for any other profession. If you are unable to work due to illness or injury, you will get a regular tax-free payment. This insurance is usually limited for a certain period of time. In Texas, 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 insured from 30 days to few years, depending on the insurance agency.

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

Ways to purchase the insurance

After you reviewed all your options, you should 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 purchase 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 buying. You can find the company in any part of Texas, and purchase the insurance without your appearance. 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 finest thing – online insurance usually comes with additional benefits!

An additional way is to join any Freelancer organization in Texas. The organization itself is not an insurance provider, but it can associate you with an insurance company. Virtually, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Texas

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, be assured to understand all the liabilities that you will have as “the boss”.

Put down all the costs of being a freelancer in Texas. Add even the fees 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 help you start a freelance business in Texas, and make the first steps.

*price may vary depending on the insurance company

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