FindItMore | Beginning to freelance can overwhelm all aspects of your life. As set-schedules are uplifted and you are in charge of your money and time, you’ll begin dealing with all of the changes from leaving a traditional workplace. Like most life-transitions, there is something very easily forgotten. We’re talking about insurance. Looking for the appropriate coverage at the best prices is now the freelancer’s responsibility, and all accidents or injuries that occur can turn into thousands of dollars of bills.
Consider these types of insurance when working for yourself, so you can feel prepared and know what accidents or injuries will be covered.
Health Coverage
One medical bill can be upwards of thousands of dollars. They can quickly add up and are almost never intentional. Being prepared for life’s most hazardous happenings comes down to proper health insurance.
Ways other than purchasing a market plan online are more economical. Consider using your partner’s insurance if they can add you to their plan. Cobra is a great resource to keep in mind if you have just recently left your 9-5. Cobra coverage acts an extension to the insurance you had in a previous job. It will allow up to 18 months of coverage after leaving the prior employer, which can be a substantial period, for the discounted price.
Private health insurance can be costly, so finding a public care option could be vital for those just beginning freelance work.
Life Coverage
If you would meet an untimely death, your family will have many things to deal with among their grief. Do not make the expenses cause issues, especially if your immediate family would not be able to afford arrangements.
This can be down-right depressing to think about, but it is even more unpleasant to envision family and friends going broke because of unfinished financial business you left behind. Also, there are the benefits others may receive from the insurance policy when it is covered through. Depending on the terms you agree to when purchasing it, of course.
The main category of life insurance falls under is either term or whole. Whole life insurance is viable at any time if the person meets their end and the amount will become larger over time with or without more deposits. Term insurance will cover a person for a set time-frame.
Disability Coverage
This is another instance where being prepared will give you comfort in all future endeavors. If an emergency would occur, as they often do, disability insurance will protect you at times you cannot work. Income could halt completely with an untimely, crippling incident, and it wouldn’t be because you did not want to. In most disability insurance policies, there is even coverage for those pregnant.
Possessions and any property like homes or vehicles are often thought of as holding the most value in our life. However, the ability to work and continue to meet financial obligations can beat all possessions in value. Working is what purchased those items, and what will continue to do so.
Disability Insurance comes in either short-term or long-term options. The lowest amount of time that would be covered in nine weeks and the longest is one year. After an unexpected injury or serious illness, you will receive a predetermined amount weekly or monthly, whether as a percentage of your income or what you have paid into it.
Liability Coverage
The business itself needs to be covered for liability reasons. If you were sued by a customer, there is no protection in place for your personal belongings. Since you are the business, everything you own could be lost in a lawsuit.
Insurance companies can give a premium amount with all of your insurance needs to be included. BrokerLink is known for their hassle-free quotes which save a lot of time comparing insurers, their coverage, and their rates.
Professional contact should be made before purchasing a liability policy since attorneys can help estimate the number of damages your particular business needs to cover at a minimum. Financial advisors are a great resource for a freelancer looking for the correct coverage, as well.
Stash Your Cash
Keep saving for a rainy day because, besides insurance coverage, there will always be costs in everyday life which still need to be paid out-of-pocket. Emergency funds, for these instances, are important and are especially pertinent for those without any insurance. It will cover any fees beyond what the insurance will payout. If an accident occurs and it does not fall under the insurance types you have, you will need extra money.
A cash stash is the simplest, most old-fashioned way to pay for an emergency. As a student, you can still put yourself in safe situations and use your best discretion, so accidents are less likely to occur. An emergency fund is not simply for injuries, but accidents will happen with your equipment-which can very well put the ability to work to a halt.
All of the assets of a business needs to be covered, so as a freelancer, that includes your personal health now and protection from future accidents. Keep in mind your particular situation and what insurances will provide the most steady, low rates for premium services. Do not be shy and ask all of the questions necessary to feel confident in your daily work.