What are the Pros and Cons of Working from Home?
So You Want To Be a Freelancer Working at Home? You Will Need Know This!
The Insurance Coverage You Need As A Freelancer.
The rise of the freelancer is especially evident in today’s working economy, with one in three workers being considered a freelancer. Freelancers are taking advantage of the multiple opportunities to make money online and using their skills either as a side hustle or a fully fledged business.
Whether you’re a mum looking for a business to start at home, a student with debt to pay off, or an individual simply seeking more financial freedom, there are more opportunities to make money online than ever before, and the trend is expected to double in the next five years.
But transitioning from a steady job of employment to being self-employed as a freelancer presents a few differences in lifestyles, with one notable difference being insurance. Freelancers need to source their own policies for insurance, and it’s important to know which ones are the most imperative.
What About Medical And Health Coverage?
Ensuring you have access to medical care should you need it is ultimately a basic right in today’s society. And so it’s no wonder that a recent study revealed that more than 40% of freelancers view health insurance as being one of their most pressing issues, and why up to 41% of part-time freelancers opt to stay in their full-time job to receive health benefits.
Luckily, there are ample plans available to freelancers that cater to their specific medical needs, and the needs of any family members. Researching exactly what coverage each plan offers, and different private options for your area is one of the most important things to do when working as a freelancer.
Business Insurance And Professional Indemnity
Out of the top 10 freelancing industries, including accounting, consultancy, and writing, all of the jobs consist of providing a service to customers for a fee. And when providing expertise, guidance and specific service, your business will need to be insured should any potential legal issues arise.
This includes indemnity insurance, which covers you against a client suing you, claiming that the service was legally negligent or that the contract was not fulfilled. If legal measures are taken, this could be detrimental to your freelancing business due to the large expense.
There are many options for business insurance that are dependent on the sector you freelance within, but comparing the market for the best available options is a necessity.
Freelancing is certainly the most effective way to make money online. And with the growing opportunities to pursue, ensuring you are insured and covered in the most important areas for your life will ease your mind and let you get back to running your business and making money.