Freelancer Insurance in Washington

Freelancer insurance in Washington (D.C) – is a classification of self-employed insurance covering all, from health insurance to insurance for any category of work injury or mistake. We will talk about all the categories of insurance a freelancer might want.

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

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Freelancer Insurance in Washington

Types of insurance for freelancers in Washington

There are different types of freelancer insurance in Washington. 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 outcome of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these errors can cost you a lot of money, if not you protect yourself in time.

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

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

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Health insurance for freelancers in Washington

If you are self-employed, you should find 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 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 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 frequently you need medical assistance, and what kind of treatments you need.

The monthly premium can also be lowered 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 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 D.C. Also, your qualification depends 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 formerly mentioned, your premium depends on few factors – your income, household size, do you qualify for any savings programs.

On average, freelancers in Washington 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 check if you qualify for this type of program in Washington.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Washington

In addition to 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 sort of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Washington, so you can decide to conclude to 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 fitting for any form 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 fare of general liability insurance in Washington depends on a number of things – the coverage you go for, the type of business, the insuring company.

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

Also, the range limit determines your premium. If you are aiming for larger insurance 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 information about general liability insurance in Washington.

Professional liability insurance for freelancers

Professional liability insurance covers economic losses that are the outcome 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 form 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 Washington you can find here.

Home-based business insurance in Washington

Another 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 setting up their offices in their homes.

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

Income protection insurance for freelancers in D.C

Income protection insurance for freelancers works the same as for any other job. If you may not work due to illness or injury, you will get a regular tax-free payment. This insurance is in most cases limited for a certain period of time. In Washington, 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 covered from 30 days to few years, depending on the insurance agency.

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

Ways to purchase the insurance

After you verified 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 pricey.

Another option is online purchases. You can find the company in any part of Washington, and acquire the insurance without your attendance. 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 often comes with additional benefits!

The third way is to join any Freelancer organization in Washington. The organization itself is not an insurance company, 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 Washington

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

Write down all the fees of being a freelancer in Washington. Count even the expenses you think you will never have. Now respond to yourself – are you prepared to be a freelancer? If yes, here is a link that can guide you to start a freelance business in Washington, and make the first steps.

*price may vary depending on the insurance company

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