Freelancer Insurance in Wyoming

Freelancer insurance in Wyoming (WY) – is a classification of self-employed insurance covering everything, from health insurance to insurance for any kind of work injury or error. We will talk through all the categories of insurance a freelancer might want.

First of all, let’s make it crystal clear. In Wyoming, 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 medical insurance.

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Freelancer Insurance in Wyoming

Types of insurance for freelancers in Wyoming

There are different types of freelancer insurance in Wyoming. If you are thinking to become a free 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 take anything”. The outcome of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these mistakes can cost you a lot of money, if not you protect yourself in time.

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

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Health insurance for freelancers in Wyoming

If you are self-employed, you must pick out the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can compare offers from divergent 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 earnings, 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 many times you need medical assistance, and what type of treatments you need.

The monthly premium can also be lowered if you qualify for savings programs. This all depends on your income 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 WY. 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 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 several factors – your income, household size, do you qualify for any savings programs.

On average, freelancers in Wyoming 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 verify if you qualify for this type of program in Wyoming.

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*price may vary depending on the insurance company

Other types of freelancers’ insurance in Wyoming

Aside from 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 Wyoming, so you can decide to choose 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 form of business.

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

The cost of general liability insurance

The fee of general liability insurance in Wyoming depends on a few things – the coverage you opt for, the kind of business, the insuring company.

The standard price of general liability insurance in WY is approximately $40* within a month, which is $480 within a 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 greater coverage, the premium will obviously 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 Wyoming.

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 providing services to their clients.

This insurance is also known as Errors & Omissions insurance.

For some jobs, such as lawyers and medical workers, this form of insurance is mandatory. Others can choose if they want to ensure their business.

The median cost of professional liability insurance is $59* per month, which is $708 per year.

More about E&O insurance types in Wyoming you can find here.

Home-based business insurance in Wyoming

One more type of business insurance that freelancers can think about is home-based business insurance. Since the point of being a freelancer is being in a position to work remotely, many freelancers are starting their offices in their homes.

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

Income protection insurance for freelancers in WY

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 income. This insurance is in most cases limited for a certain period of time. In Wyoming, 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 Wyoming is 1-3%* of your annual income.

Ways to purchase the insurance

After you verified all your options, you must 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 get 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 buying. You can find the company in any part of Wyoming, and purchase the insurance without your appearance. You will have to give 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 in most cases comes with additional benefits!

Another way is to join any Freelancer organization in Wyoming. The organization itself is not an insurance company, but it can connect 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 Wyoming

You figured to take a step forward, quit 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 Wyoming. 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 guide you to start a freelance business in Wyoming, and make the first steps.

*price may vary depending on the insurance company

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