Freelancer Insurance in Wisconsin

Freelancer insurance in Wisconsin (WI) – is a classification of self-employed insurance covering every single thing, from health insurance to insurance for any kind of work mishap or error. We will discuss all the sorts of insurance a freelancer might require.

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

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Freelancer Insurance in Wisconsin

Types of insurance for freelancers in Wisconsin

There are different types of freelancer insurance in Wisconsin. If you are thinking to become an independent worker and enjoy the benefits of “being your own boss”, you could 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 final result of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these omissions can cost you too much money, in case, not 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 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 Wisconsin, and how to protect yourself the best.

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Health insurance for freelancers in Wisconsin

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 individual private health insurance providers.

When you fill out the form, you will see if you qualify 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 dissimilarity 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 type of treatments you need.

The monthly premium can also be reduced 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 application.

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 WI. 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 formerly mentioned, your premium depends on multiple factors – your income, household size, do you qualify for any savings programs.

On average, freelancers in Wisconsin 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 sort of program in Wisconsin.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Wisconsin

In addition to health insurance, there is a so-called “business insurance” category. To protect your business and have coverage for any injury or harm that can be consequence out-turn of your work, you need to have business insurance.

Depending on the type category of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Wisconsin, so you can decide to determine 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 widest insurance for freelancers and it’s fitting for any sort of business.

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

The cost of general liability insurance

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

The median price of general liability insurance in WI is approximate $40* monthly, which is $480 within a 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 a wider 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 details about general liability insurance in Wisconsin.

Professional liability insurance for freelancers

Professional liability insurance covers financial losses that are the consequence 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 Wisconsin you can find here.

Home-based business insurance in Wisconsin

An additional type of business insurance that freelancers can take into consideration is home-based business insurance. Since the point of being a freelancer is being able to work remotely, many freelancers are starting their offices in their homes.

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

Income protection insurance for freelancers in WI

Income protection insurance for freelancers works in the same manner as for any other profession. If you may not 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 Wisconsin, 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 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 Wisconsin is 1-3%* of your annual income.

Ways to purchase the insurance

After you reviewed all your options, you have to decide which form 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.

The second option is online purchase. You can find the company in any part of Wisconsin, and purchase 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 best thing – online insurance in most cases comes with additional benefits!

The third way is to join any Freelancer organization in Wisconsin. The organization itself is not an insurance seller, but it can connect you to an insurance company. Virtually, this way can be cheaper than going to the office of the insurer.

Conclusion about insurance for freelancers in Wisconsin

You decided 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 fees of being a freelancer in Wisconsin. Add up even the expenses 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 Wisconsin, and make the first steps.

*price may vary depending on the insurance company

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