Important Insurance Policies When You’re a Freelancer or Solopreneurs

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When it comes to freelancing or being a solopreneur, you’re a one-person army and one must need insurance policies. Your work, payroll, health, and other utility expenses are depended on your ability-to-manage all attitude. Insurance policies can be a luxury When your thoughts are like this: ” Why buy something you don’t need right now? ” But, it is essential and finding the right plan or quote isn’t difficult. 

Here are some of the insurance policies to consider when you’re a freelancer or has a self-employed business.

Health Insurance

Healthcare is very expensive especially when you don’t have enough healthcare coverage. Without health insurance, even a minor injury can cost a fortune. For solopreneurs, take time to research and choose the right plan that works for you.

Liability Insurance

This is part of the general insurance where it protects the insurer from any misconduct or any lawsuit claims. For freelancers, professional liability insurance helps them from any property damage or bodily injury to someone else. 

Disability Insurance

Sometimes, savings are enough to support any disability requirements. But, if the recovery time takes months or years, then disability insurance is necessary to sustain your disability needs. It is important that you spend wisely and save as much as possible when you’re healthy.

Renter’s Insurance

As a freelancer or self-employed individual, working from home or owning a rental space for business requires you to purchase a renter’s insurance. This insurance will protect your home assets such as computer and other electronic equipment. This is a really affordable way to protect your work and your business from major incidents such as fire, burglary, or natural disaster.

Life Insurance

Life Insurance is something that may not need in your 20’s but if you have a family depending on your income or your business, this insurance is worth having for the lifetime at any age.

Business Insurance

If you own a small business or self-employed, make sure to have a business insurance. This will protect your business from financial or property damages and any other professional errors. There are plans that are fit specifically for each business type.

Research the coverage plans, choose the right one and always ask questions about insurance policies. Never buy plans that you fully don’t understand.

What Insurance plans do you think are needed for you right now?  Let me know in the comments.


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