Indiana Self-Employed Insurance
How to connect with a local independent agent
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.
Indiana has roughly 512,348 small businesses. If you're one of them, there are a lot of things you're responsible for on your own. Self-employed insurance is one of them.
An independent insurance agent can help find a policy for an affordable price. They work with several markets so that you have options. Connect with a local expert to start saving.
Self-Employed Insurance
If you're self-employed in Indiana, there are many insurance options. Some policies will be necessary, while others may not. Take a look at 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
These coverages will be customized to your specific needs. The industry you are in and the exposures you have will determine which policies apply. Review your situation with a professional for accuracy.
Health Insurance Options for Being Self-Employed
Health insurance in Indiana will kick in when you get ill or have an injury. If you employ a team, you may be required to offer coverage depending on your state guidelines. Since you won't have a boss to provide healthcare, these options will be available to choose from.
- Private health insurance: This can be obtained through an independent agent and can 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 member's 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 Indiana, healthcare can be confusing when you're self-employed. Not to mention pricey because you'll be responsible for the entire premium. Let's look at some specifics of your options 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
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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Our independent agents shop around to find you the best coverage.
Self-Employed Health Insurance Cost
The cost of self-employed health insurance in Indiana will be dependent on a variety of factors. Carriers review your personal data and make an assessment based on that. Take a look at what health insurance companies use to set your premiums.
- Location
- Health history
- Your age
- Your weight
- Any current health concerns
- Whose included on your policy
- How often you workout
Disability Insurance for Being Self-Employed
In 2019, Indiana had $6,780,466,000 in commercial insurance claims paid. If you're unable to work because of a disability or illness, then you'll need to account for any missed income. 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
Do Self-Employed Workers Need Workers' Compensation Insurance?
Workers' compensation insurance in Indiana is required by state law. If you have one employee or more, you are mandated to carry coverage. But what does that mean if you are self-employed? First, it's beneficial to know what workers' compensation is.
- Workers' compensation insurance: Pays for the lost wages and medical expenses of an employee that becomes injured or ill while on the job site.
If you are self-employed with no employees, you still may be asked to prove workers' compensation insurance. If you do a job for another entity, they will likely require you to have your own coverage. This ensures that you will not file a claim on theirs.
How an Indiana Independent Agent Can Help
If you're self-employed in Indiana, there are several insurance policies you'll need. When you have adequate coverage, you'll be able to avoid financial ruin. To help with quotes and policy questions, consider using a trained professional.
An independent insurance agent will have access to multiple markets so that you get the best deal in town. They work on your behalf at no cost to you. Connect with a local expert on TrustedChoice.com to begin.