Taking the leap to become a freelancer, contractor or owner small business is huge. If you have recently done, congratulations!
There is no doubt that you have a long list of things to do, but you must ensure that the assurance of a priority.
By becoming your own boss has many advantages, it often means leaving behind a company human resources department to manage all little things -. such as insurance
to you, your family and protect your business, you need to be covered with insurance policies right.
insurance
Home / insurance Office
If you work from home and the owners this does not necessarily mean that your business is protected.
You need to check your homeowners policy, but it usually will not cover losses to your business if something happens to your home.
You can buy a home business insurance policy separately from your regular home owner of
There are a myriad of other types of insurance that can be specifically tailored to your business relationships such as :.
- policies from commercial packaging which often include workers comp.
- political business-owners , which protects you if a customer comes into your place of business and has an accident.
- compromise coverage data that protects you against piracy of personal information about you or employees.
do you have an office outside the home? Then you must have insurance such as coverage of commercial real estate.
Insurance
Under the Affordable Care Act, you are required by law to have health insurance.
Go uninsured carries a fine if you can afford coverage but choose not buy and do not qualify for exemption. In 2015, go uninsured may mean paying a penalty which is the largest amount of 2 percent of your annual household income or $ 325 per person ($ 162.50 per child under 18). The maximum penalty per family using this method is $ 975.
Many people consider jumping into the freelancer / contractor / entrepreneur life, but Medicare is often a big deterrent.
Dealing with both the cost and headaches seen signing up for health insurance on your own can be enough to make you stick to work for the company of someone else.
But if you're ready to hit solo, you must be sure to have adequate health insurance for you, your family and perhaps employees.
If you are an independent, the cost of health insurance can be a heavy burden on your bottom line, so it's important to find the most affordable plan also provides adequate cover
There may be a union, you can join in order to get a better deal on the cover of Medicare -. Freelancers or as the Union National Association for the self-employed
If. you're a small business owner with 50 full-time equivalent (FTE) or less, you can use the Small Business Health Options Program (SHOP ) market to offer your employees health coverage. The plans and costs vary by state, but you can explore options on HealthCare.gov.
Keep in mind that you are not required to provide health insurance if you have less than 50 FTE employees. You can choose to offer insurance through the market SHOP if you want, but there is no penalty if you do not.
Disability Insurance
A piece of your financial health often overlooked but essential plan is disability insurance. It is especially important if you are the breadwinner or a full-time freelancer without a secondary income stream. If you are unable to work, your future income (your largest financial asset) quickly disappears
Fortunately, you have two options: .. short- and long-term Disability Insurance
short-term disability insurance provides coverage for the first three to six months, you're out of a job.
many companies offer this form of insurance, but if you are a small business owner or freelancer it will be your responsibility to ensure that coverage.
long-term disability insurance generally does not begin until after being disabled for a period of three to six months time, but it generally pays as long as you are disabled.
This type of insurance often stops payments over time you reach age 65 (retirement age).
life insurance
If you are young and single with no debt or dependents that you could possibly get without life insurance.
Alternatively if you are rich and your children are grown, you can choose to take a pass too. But if you have someone counting on you and your income or you have debt that has co-signed, i loved the life insurance is a good idea.
Life insurance will ease the financial burden on your family if you spend at a time when your income is necessary to support them. It can also be used to solve a debt that will be passed to someone else if you die.
Know your responsibility (and accordingly Prep)
Medical practices must have insurance against malpractice and a lawyer can consider professional liability insurance.
But what about a more run-of-the-mill startup or independent contractor? Do you really need an asset protection as a freelancer?
You probably do not need a separate liability insurance, but you should consider the formation of an S corp or LLC to protect yourself against trade debts and obligations.
The Bottom Line
Placing you with the right insurance is an important piece of the puzzle of self-employed. So while you update each list of things to change, make sure you get the right kinds of insurance is near the top!
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