Arizona Self-Employed Insurance
How to find a local adviser in minutes
Written by
Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
In 2019, Arizona had approximately $6,937,130,000 in commercial insurance claims paid. When you own a small business, coverage for a loss is crucial. Self-employed insurance can be tricky when you don't use an adviser.
Fortunately, an independent insurance agent can help. They work with several carriers and can find policies to fit your budget. Connect with a local expert to get the best deal in town.
Self-Employed Insurance in Arizona
When you're a self-employed person in Arizona, you have to account for all the what-ifs. There are numerous insurance policies you can obtain as a business owner. Take a look at some options that you may want to consider.
- Health insurance
- Disability insurance
- General liability insurance
- Business property insurance
- Business equipment breakdown insurance
- Life insurance
- Professional liability insurance
- Commercial auto insurance
- Commercial umbrella insurance
- Cargo insurance
Each policy will be quoted according to your specifications. Some coverage may not apply to your operation. Others will be vital to avoid financial devastation.
Health Insurance Options for Being Self-Employed in Arizona
Healthcare is one of those policies that are necessary but expensive. When you live in Arizona, the pricing will depend on your risk factors as an individual. Since you won't have a boss to offer coverage, these options will suffice.
- Private health insurance: This can be obtained through an independent agent and go through some of the household named carriers. At times, this route can be pricey depending on who's included in your plan.
- Medical sharing plan: This is not technically insurance but works the same way. You will pay a monthly share amount depending on what program you choose. This share will get pooled with the other members' share amounts. When you have a medical loss, you can file a claim, and the plan will reimburse you from the pool.
- The marketplace: This is insurance through the government marketplace. It can be applied online at your own risk or through a licensed agent. You will report your annual earnings and then choose from an assigned market at a discount. The less household income you make, the lower your premiums will be.
Best Health Insurance for Being Self-Employed in Arizona
It may be hard to decipher which health coverage is the best for a self-employed individual. Fortunately, you'll have options, and an adviser can help. Let's look at some specifics of each for a better understanding.
Private health insurance option
- Most expensive
- Works well with most healthcare offices
- May offer the most coverage
- Uses standard health insurance markets
Medical sharing plan option
- Less expensive
- Has restrictions since it's not insurance
- Has to be reimbursed when a loss occurs
- Most healthcare facilities have not heard of this
The marketplace option
- Least expensive
- You have to prove your income each year
- Works best for low-income households
- It works well if you have a lot of tax write-offs
- Uses standard health insurance markets
- Not all healthcare facilities accept this plan
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Self-Employed Health Insurance Cost in Arizona
The cost of self-employed healthcare has skyrocketed in the last decade. Carriers look at personal data to determine your pricing. To qualify for the best rates, you'll need to be aware of what the companies look for when quoting. Take a look at what health insurance carriers use to set your premiums.
- Location
- Health history
- Your age
- Your weight
- Any current health concerns
- Whose included on your policy
- How often you work out
Do Self-Employed Workers in Arizona Need Workers' Compensation Insurance?
In Arizona, you are required to carry workers' compensation insurance with one employee or more. If you are without staff, you may still be asked to obtain coverage. First, it's beneficial to know what it is.
- Workers' compensation insurance: Pays for the lost wages and medical expenses of an employee that becomes injured or ill while on the jobsite.
If you are hired to do a task for another party, they may ask for proof of insurance. Some will mandate that you carry workers' compensation coverage on yourself to avoid a claim filed on their policy. This is common when you are self-employed and should be gone over with a trained professional.
Disability Insurance for Being Self-Employed in Arizona
When you are self-employed, it can be scary to become injured or ill. If you have disability insurance, your income will be covered to help account for any work missed. Check out what disability insurance has to offer.
- Pays for your lost income when a disability occurs
- Short-term disability will pay 60% to 70% of your income
- Short-term disability lasts up to a year in some cases
- Long-term disability will pay 40% to 60% of your income
- Long-term disability lasts the length of the disability or until retirement
How an Arizona Independent Agent Can Help
When you run an operation, it can be overwhelming to think of all you have to handle. Self-employed insurance is a necessary item to tackle when you own a business. Fortunately, there are trusted advisers who can help.
An independent insurance agent has access to several carriers to give you options that don't break the bank. They work on your behalf at zero cost, making it a no-brainer. Connect with a local expert on TrustedChoice.com in minutes.