Freelancer Insurance in Virginia

Freelancer insurance in Virginia (VA) – is a classification of self-employed insurance covering all, from health insurance to insurance for any type of work mishap or mistake. We will talk about all the categories of insurance a freelancer might require.

First of all, let’s make it crystal clear. In Virginia, 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 proprietor and the employee. You have to take care of your rights, including providing health insurance.

Types of insurance for freelancers in Virginia

There are different types of freelancer insurance in Virginia. If you are thinking to become an independent 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 omissions can cost you quite a bit of 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 have 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 Virginia, and how to protect yourself the best.

Health insurance for freelancers in Virginia

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

When you fill out the form, you will see if you can apply for premium tax credits, etc. This all depends on your wages, 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 price 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 salary and household size and will be explained to you when filling the Marketplace insurance application.

You can also confirm 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 VA. 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 question that everyone who is thinking about freelancing wants to know. How much will cost you to be a freelancer? As formerly mentioned, your premium depends on multiple factors – your salary, household size, do you qualify for any savings programs.

On average, freelancers in Virginia 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 per month. To verify if you qualify for this kind of program in Virginia.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Virginia

Besides health insurance, there is a so-called “business insurance” form. To protect your business and have coverage for any injury or damage that can be a consequence outcome 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 Virginia, 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 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 unanticipated things that could happen during your work.

The cost of general liability insurance

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

The median price of general liability insurance in VA is approximately $40* per month, which is $480 within a year.

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 a more expensive premium than someone who is working as a copywriter.

Also, the 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 facts about general liability insurance in Virginia.

Professional liability insurance for freelancers

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

This insurance is also addressed 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 average cost of professional liability insurance is $59* per month, which is $708 per year.

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

Home-based business insurance in Virginia

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

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

Income protection insurance for freelancers in VA

Income protection insurance for freelancers works in the same manner as for any other business. If you may not work due to illness or injury, you will get a regular tax-free salary. This insurance is usually limited for a certain period of time. In Virginia, it is usually referred to as disability income insurance.

There are two kinds: short-term disability insurance and long-term disability insurance.

Short-term insurance covers a period from 9 to 52 weeks with a detain 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 Virginia is 1-3%* of your annual income.

Ways to purchase the insurance

After you checked 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 buy 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 Virginia, 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 more importantly, you will save money. And the best thing – online insurance in most cases comes with additional benefits!

Another way is to join any Freelancer organization in Virginia. The organization itself is not an insurance company, but it can associate you with an insurance company. Likely, this way can be lower priced than going to the office of the insurer.

Conclusion about insurance for freelancers in Virginia

You chose to take a step forward, depart from your job and try to build 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 costs of being a freelancer in Virginia. Add even the costs you think you will never have. Now reply to yourself – are you set to be a freelancer? If yes, here is a link that can help you start a freelance business in Virginia, and make the first steps.

*price may vary depending on the insurance company

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