Whether you’ve just started your freelancing career or have been in the freelancing industry for a while now, there are certain things you should be able to arrange. Being your own boss can offer you freedom, the ability to design your own path, and flexibility, but it also comes with additional responsibilities. One of which is that you don’t have the safety net that employers often offer, which is insurance.
As a freelancer, you should be able to find the right insurance coverage to help you have a better freelancing experience. It’s like when you have insurance from work, you don’t need to use it, and it can be more beneficial if you’re not going to use it at all. However, having insurance can give you peace of mind, knowing that regardless of what happens, as long as you have comprehensive insurance coverage, you can receive financial assistance.
In this article, we’ll discuss some of the types of insurance that you should consider getting as a freelancer.
1. Health Insurance
One of the must-have types of insurance that freelancers should avail themselves of is health insurance. Having health insurance allows you to have access to health care without the risk of draining your savings. Besides, as a freelancer, you may still have some other things to invest in, so you might not be able to afford them if you need to go to check-ups and pay for them out of pocket.
However, one of the challenges you may encounter is finding the right insurance provider that offers comprehensive insurance within your budget. Although you can find one on your own, you can also hire an insurance broker to help you find the ideal insurance policy.
2. Disability Insurance
Have you ever thought about what you’re going to do if you end up not being able to work? If you have disability insurance, you can receive financial assistance that serves as a temporary replacement for your income.
Of course, this may not last long, and the amount you receive may depend on your coverage, but it’s a relief to know that you still have money while thinking of the next steps you’re going to take, or while you’re recovering.
3. Liability Insurance
As a freelancer, your work may also include meeting with clients, handling personal information, and offering services. With liability insurance, you can be protected from accidents, damages, and claims of negligence. So, if you’re job is related to any of these, you might need to include liability insurance in your policy.
Specifically, there are various types of liability insurance. Some of these include cyber liability, general liability, and product liability. In addition, if you encounter lawsuits, you can also file claims to cover the finances.
4. Errors & Omissions Insurance
As a freelancer, whether you’re offering products or services, there are times when you can make mistakes, and that’s okay. However, to keep you safe from all the troubles, you may include errors and omissions insurance in your policy.
This type of insurance can also be considered as a type of liability insurance, but as a specialised form. It’s specialised since it solely focuses on protecting the freelancer when it comes to accusations, like negligence, omissions, and errors.
5. Property or Equipment Insurance
Freelancers often use a lot of tools and equipment. And since they rely heavily on these things, they should be able to avail themselves of the property and equipment insurance.
As a freelancer, you may be using a camera, work phone, laptop, computer, microphone, and tablet. Since they’re expensive, it may significantly affect your livelihood if one of them gets damaged. So, while you’re having it repaired or replaced, you can file for claims that can cover the cost of the repair or replacement.
6. Income Protection Insurance
As a freelancer, you may encounter a higher risk for your projects. Fortunately, with income protection insurance, you can get protection when you encounter problems, such as sudden project cancellations, and if there are problems in the economy.
7. Life Insurance
Lastly, don’t forget to include life insurance in your policy. Although it may not seem as important or related to the other types of insurance mentioned, it’s worth considering. Including life insurance in your policy allows you to leave financial support to your loved ones if something unexpected happens to you.
In addition, if you have ongoing debt or other expenses, the insurance claim from life insurance can cover them all.
Final Thought
As a freelancer, you don’t have an HR, operations manager, or finance department to back you up when things get rough. Instead, you only have yourself to do the things that many departments do for their employees.
However, when it comes to availing of insurance, hiring an insurance broker can significantly save you time and other resources, and you can focus on other important things. But even if you’re working with an insurance broker, you should be aware of the types of insurance you should consider to add to your policy.
