General insurance Insurance Considerations for Freelancers and Gig Workers

[Leah Kelvin]

The reason being that they have no employer-sponsored benefits, freelancers and gig workers have unique insurance needs. Health insurance is one of the most important things to consider. They might want to buy individual policies, set up HSAs for tax purposes and compare options regarding premiums and coverage as well. Disability insurance assists whenever there is a problem with working; such coverage could last from several months up to a year in case of short-term disability, or even until retirement if it should be long-term disability type. Life insurance options for them may include term life insurance which provides temporary coverage as well as whole life insurance that offers permanent protection along with cash value components. Liability policies such as general liability are necessary for those who offer professional service or run businesses so that they can protect themselves from claims filed against their names. Understanding these options and securing them is critical for freelancers and gig workers in order to avoid losing everything.

Professional liability insurance also referred to as errors and omissions offers protection from claims alleging professional negligence which is primarily applicable when freelancing involves offering advice for sale or provision of services. Business property covers property damage perils like theft, fire among other risks liable to destroy expensive equipment or merchandise.