Insurance – Self Employed Insurance Can be Easy to Find
Article by Josh Macmichael
Being self employed is a goal for many people. One of the downfalls to being self employed is finding the right insurance. Many people do not know what options are available to them or where to find them. Other people do not worry about it because they assume they do not need insurance. Regardless of the size of your self employed business, insurance is a must. If you have struggled in the past finding the right coverage for you, or if you haven’t even started looking, there is help for finding the insurance that’s right for you.
When you are self employed, insurance for you literally is just that. You have to find on your own you are your own boss. It is not as straightforward as insurance is with regular jobs. There, you basically are receiving a package deal when you start working for them. It is up to you to find the insurance that fits your budget and your needs. One way to make the search easier is to use a self employed insurance agent. They can take the hassle out of finding your insurance. They will give you the option of short-term insurance, which last from one month up to one year. People generally use this when they are starting their business and can’t afford much coverage.
Other insurance options include fee-for service, HMO and PPO insurance. Fee-for service is exactly what the name says it is. You pay a percentage of the cost for each doctor’s visit and the insurance company pays the rest. The typical percentage breakdown is 80 percent for the insurance company and 20 percent for the individual. Fee-for service insurance requires the individual to meet a yearly deductible before the company pays anything. This can range anywhere between 0 and ,000.
The other forms of insurance available for the self employed are HMO and PPO, which are quite similar to each other. They both use co-pays instead of deductibles. With co-pays, the individual pays a set amount for each doctor’s visit. This typically is from to . One of the downfalls of having HMO and PPO coverage is that you are limited to which doctors you can see. You also need to have a referral in order to see specialists. One advantage PPO has over HMO is that PPOs usually offer a larger selection of doctors.
Now that you understand the different types of insurance available for the self employed, you need to understand why it is important to have coverage. You may think that your self employed business is too small to need it. A business is never too small to need insurance protection. For example, if you were an accountant who gave people financial advice and someone lost money as a direct result of your advice, you are liable to a lawsuit. Having insurance would protect you and your business for such a lawsuit. Your insurance typically covers the expenses of claims. Insurance also is important simply for the protection of your health.
About the Author
Hello,
I’m currently a contractor based in New Hampshire. I’m just about to launch a membership site built by contractors for contractors. It’s a place where likeminded contractors can come learn and share.http://www.contractorblab.com http://www.contractorblabblog.com
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