What Type of Insurance Do Freelancers Need?
Nowadays, getting insurance is a must especially for the employed. You will not know what may happen to you in your everyday routine, and insurance is the solution in case worst scenarios would occur. Aside from those who are employed, there are also self-employed individuals such as those freelancers finding work in Craigslist or on new sites like personals. As such, what insurance do they truly need? Let’s find out below.
General Liability Insurance
This is the kind of insurance most freelancers are ensuring of. There are common, unexpected accidents to occur in your work, and with this insurance, it saves you from property damages or physical injuries that may involve a third party. This can also protect you from libel, slander, or copyright infringement.
This is very important not only for you but also for your family. As you get this insurance, they will also benefit when they are sick or admitted to the hospital. As long as one of your family members is your beneficiary, they can use your insurance.
Professional Liability Insurance
This mainly covers the economic losses from your professional errors.
Long-term Disability Insurance
This serves as an income replacement if you're not fit to work anymore after an illness, disability, or accident. It basically starts from 30 days after the incident up to 65 years of age. It does not guarantee to cover your full salary, but it can give you 60% of it.
There are different types of business insurance, and they will help fill the gaps of your usual coverage.
Additional Health insurance
You may have the health insurance to cover your medical needs, but you'll most likely have excess hospital bills that you should pay. An additional health insurance is the solution. It will cover such excess.
Commercial Property Insurance
Business property is important. This protects your investments in terms of equipment coverage.
This should be a must especially if you have your own family with spouse and children. This supports your family financially in case worst scenarios happen to you unexpectedly. This coverage will provide for your family while they are still recovering from the event until they are stable.
This type of insurance is best for freelancers currently working online. This is for anyone who sells or buys products and services online.
If you are using your car for business, this is a help for you. This kind of insurance is especially useful if your business involves deliveries and transportation. With car insurance, the insurance company can cover your damages and losses caused by car accidents and other cases related to your car.
There are still many insurances that you as a freelancer can benefit from. Make sure you avail one or more to secure your health, finances, and other aspects of life. You may be self-employed, but you can avail the same benefits as employed individuals receive. Although it takes time and money to reap the benefits, your investment will all be worth it.