Freelancer Insurance in Utah

Freelancer insurance in Utah (UT) – is a category of self-employed insurance covering everything, from health insurance to insurance for any category of work mishap or error. We will talk through all the sorts of insurance a freelancer might require.

First of all, let’s make it clear. In Utah, if you want to be a freelancer, you are falling into the classification 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 Utah

There are different types of freelancer insurance in Utah. If you are thinking to become an independent 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 result of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these errors can cost you too much money, if not you protect yourself in time.

As a self-employed person, the initial thing you need is health insurance. Besides health insurance, you might want 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 Utah, and how to protect yourself the best.

Health insurance for freelancers in Utah

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 collate offers from different private health insurance providers.

When you fill out the request, you will see if you are entitled to 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 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 often you need medical assistance, and what type 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 request.

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 UT. 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 Utah 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 Utah.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Utah

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 consequence out-turn 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 Utah, so you can decide to make a decision 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 most extensive insurance for freelancers and it’s fitting for any type of business.

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

The cost of general liability insurance

The cost of general liability insurance in Utah depends on a couple of things – the coverage you select, the kind of business, the insuring company.

The average price of general liability insurance in UT is approximately $40* per month, 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 a bigger limit, the premium will definitely be higher. Some of the most common coverage limits are $1 million and $2 million.

Here you can find more information about general liability insurance in Utah.

Professional liability insurance for freelancers

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

This insurance is also addressed as Errors & Omissions insurance.

For some professions, 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 E&O insurance types in Utah you can find here.

Home-based business insurance in Utah

An additional type of business insurance that freelancers can think about is home-based business insurance. Since the point of being a freelancer is being capable to work remotely, many freelancers are establishing their offices in their homes.

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

Income protection insurance for freelancers in UT

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 tax-free income. This insurance is in most cases limited for a certain period of time. In Utah, 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 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 Utah 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 get the policy is to go to an insurance company and get it. However, this option is time-consuming and pricey.

Another option is online buying. You can find the company in any part of Utah, and acquire 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 greatest thing – online insurance often comes with additional benefits!

An additional way is to join any Freelancer organization in Utah. The organization itself is not an insurance provider, but it can link you to an insurance company. Possibly, this way can be lower priced than going to the office of the insurer.

Conclusion about insurance for freelancers in Utah

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

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

*price may vary depending on the insurance company

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