Freelancer Insurance in West Virginia

Freelancer insurance in West Virginia (WV) – is a category of self-employed insurance covering everything, from health insurance to insurance for any sort of work mishap or mistake. We will talk about all the kinds of insurance a freelancer might want.

First of all, let’s make it understandable. In West Virginia, 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 executive and the employee. You have to take care of your rights, including providing medical care.

Types of insurance for freelancers in West Virginia

There are different types of freelancer insurance in West Virginia. If you are thinking to become an individual 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 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, in case, not protect yourself in time.

As a self-employed person, the first 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 one step at a time and see how much is going to cost you to be a freelancer in West Virginia, and how to protect yourself the best.

Health insurance for freelancers in West Virginia

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 compare 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 wages, 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 price 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 reduced 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 request.

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 WV. 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 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 multiple factors – your salary, household size, do you qualify for any savings programs.

On average, freelancers in West 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 monthly. To confirm if you qualify for this kind of program in West Virginia.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in West Virginia

Other than 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 consequence out-turn 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 West Virginia, so you can decide to conclude what suits you the best.

General liability insurance for freelancers

General liability insurance covers economic 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 acceptable for any kind of business.

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

The cost of general liability insurance

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

The standard price of general liability insurance in WV is approximately $40* in a 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 higher premium than someone who is working as a copywriter.

Also, the coverage limit determines your premium. If you are aiming for greater insurance coverage, the premium will definitely 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 West Virginia.

Professional liability insurance for freelancers

Professional liability insurance covers monetary 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 known as Errors & Omissions insurance.

For some jobs, 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 West Virginia you can find here.

Home-based business insurance in West Virginia

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

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

Income protection insurance for freelancers in WV

Income protection insurance for freelancers works the same way as for any other profession. If you cannot work due to illness or injury, you will get a regular untaxed payment. This insurance is often limited for a certain period of time. In West Virginia, 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 waiting period 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 West Virginia is 1-3%* of your annual income.

Ways to purchase the insurance

After you checked all your options, you have to decide which type 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.

The second option is online purchase. You can find the company in any part of West Virginia, and buy 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 greatest thing – online insurance usually comes with additional benefits!

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

Conclusion about insurance for freelancers in West Virginia

You figured 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 liabilities that you will have as “the boss”.

Put on the paper all the expenses of being a freelancer in West Virginia. Add up even the expenses you think you will never have. Now reply to yourself – are you willing to be a freelancer? If yes, here is a link that can help you start a freelance business in West Virginia, and make the first steps.

*price may vary depending on the insurance company

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