Even without a group insurance plan you can still protect your business
If you're one of the more than 10 million self-employed Americans, don't let insurance stress you out. If you're looking for ways to insure your sole-proprietor enterprise, here's a plan to get you covered:
1. Join a network of other self-employed business owners, whose purpose is to unite and assist people like you. The National Federation of Independent Businesses offers access to insurance resources and savings programs to its members. And the National Association for the Self-Employed has various types of insurance plans set up for self-employed workers.
2. Determine which of the various types of insurance you need. Health insurance is typically the first thing that comes to mind when thinking about insurance coverage. But there's other coverage to consider, including disability insurance and professional liability insurance.
3. Research the specific plans and rates that work best for you. Find affordable insurance and save time by getting instant quotes online.
Health insurance
Healthinsurance.org is one of the many Web sites offering quotes with just your zip code, gender and age. These sites cover a variety of different plans for you to choose from, including affordable low-premium, high-deductible policies to provide you with basic coverage in case of emergency.
Disability insuranceAs a self-employed individual, you don't have the luxury of paid sick leave if you need to miss work, which makes disability insurance extremely important. Most disability policies have waiting periods of one to six months after the onset of sickness or injury before benefits kick in.
If your business is your only source of income, choose a plan with as short a waiting period as possible to keep you afloat should you need an extended leave. However, shorter waiting periods often result in higher premiums.
Errors and Omissions insurance
Errors and Omissions (E&O) insurance is professional liability insurance that commonly covers doctors, attorneys, accountants, engineers, stockbrokers and other skilled workers in case of negligence lawsuits. These plans can be expensive because of potential litigation costs. Premiums depend on your experience level, the size of your business and the claims history of your industry.
E&O policies vary in price, depending on your industry, geographical location and coverage limit. E&O Coverage of America requires only a short online application for sign up and usually processes coverage in one day. Alternatively, NetQuote.com can help put you in touch with several licensed insurance companies that offer competitive E&O quotes.
Get in-person help
For face-to-face guidance, schedule a consultation with an agent familiar with your industry. The Independent Insurance Agents & Brokers of America can connect you with an agent in your area.
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