A Guide to Insurance for Freelancers
October 26, 2023
If you’re a freelancer, you’re probably used to wearing a lot of hats. You’re the CEO, CFO, marketing manager, and sales team all rolled into one. But it’s important to remember that, as a freelancer, you’re also responsible for your financial well-being. And that includes having the right insurance coverage in place.
Insurance Policies to Consider
There are several types of insurance that freelancers may need, depending on their industry and the type of work they do. But some of the most common types of insurance for freelancers include:
- Health Insurance: As a freelancer, you’re not eligible for employer-sponsored health insurance. But that doesn’t mean you have to go without coverage. You can purchase your health insurance through the Health Insurance Marketplace or directly from an insurance company.
- Professional Liability Insurance: This type of insurance protects you from financial losses if you’re sued for negligence or malpractice. It’s important for freelancers who provide professional services, such as writing, editing, design, or consulting.
- General liability Insurance: This type of insurance covers a wide range of risks, including slip-and-falls, product liability, and property damage. It’s a good idea for all freelancers to have general liability insurance, even if they don’t think they’re at risk.
- Business Owners’ Policy (BOP): A BOP is a type of insurance that bundles general liability insurance and commercial property insurance. It can be a good option for freelancers who need both types of coverage.
Additional Insurance Policies to Consider
In addition to these basic types of insurance, freelancers may also want to consider purchasing other types of coverage, such as:
- Workers’ Compensation Insurance: This type of insurance covers medical expenses and lost wages if you’re injured on the job.
- Cyber Liability Insurance: This type of insurance protects you from financial losses if you’re sued for a data breach or other cyberattack. It’s especially important for freelancers who handle sensitive customer data.
If you’re not sure what type of insurance you need, it’s a good idea to talk to an independent insurance agent like Lewis Mohr. We can help you assess your risks and choose the right coverage for your needs.
Having the right insurance coverage in place can give you peace of mind knowing that you’re protected from financial losses in the event of an unforeseen event. So don’t wait, get insurance for your freelance business today.