Massachusetts has 669,224 small businesses. If you run an operation here, you'll need to have adequate protection for all the what-ifs. Self-employed insurance can help cover your risk exposures.
An independent insurance agent will be able to quote through their network of carriers so that you get the best rates in town. They will have policy options that won't impact your bottom line. Get connected to a local expert for coverage today.
What Is Self-Employed Insurance?
When you are self-employed in Massachusetts, you'll need the best coverage. One loss could wipe you out financially if you're not properly protected. 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
Health Insurance Options for Being Self-Employed in Massachusetts
Health insurance in Massachusetts is essential to avoid financial ruin. It only takes one claim, and you could be knee-deep in medical expenses. Since you won't have a boss to provide health care, these options will be available for you to choose from:
- 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 Massachusetts
In Massachusetts, your health insurance coverage can be confusing at times. If you're self-employed, it may be challenging to know precisely what business policies are necessary. Let's take a look at the three options for health care as a self-employed individual and see which fits you best:
The private health insurance option in Massachusetts:
- Most expensive
- Works well with most healthcare offices
- May offer the most coverage
- Uses standard health insurance markets
The medical sharing plan option in Massachusetts:
- Less expensive
- Has restrictions since it's not insurance
- Has to be reimbursed when a loss occurs
- Most healthcare facilities have not heard of it
The marketplace option in Massachusetts:
- 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
Self-Employed Health Insurance Cost In Massachusetts
The price of your Massachusetts self-employed health insurance may be high. If you have employees, you might be required to offer health care in addition to general liability, workers' compensation, and more. Take a look at what health insurance companies use to set your premiums:
- Health history
- Your age
- Your weight
- Any current health concerns
- Who's included on your policy
- How often you work out
Disability Insurance for Being Self-Employed in Massachusetts
In Masachusetts, $8,060,079,000 in commercial insurance claims were paid in 2019 alone. Some of those were related to disability or life insurance losses. When you're self-employed, it's essential to have these coverages because you're the one taking care of yourself. 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 In Massachusetts?
In Massachusetts, you'll usually be required to carry workers' compensation insurance when you have employees. If you're self-employed without a team, you still may have to prove you have workers' compensation to obtain a contract with another entity. 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.
How a Massachusetts Independent Agent Can Help
When you own a small business in Massachusetts, you'll want to obtain the right coverage for all life throws at you. If you're trying to figure it all out on your own, consider using a licensed adviser. Self-employed insurance can be tricky when you're not a trained professional.
Fortunately, an independent insurance agent will have access to multiple carriers so that you get the best coverage for a fair price. They do the shopping on your behalf at no cost, saving you time. Connect with a local expert on TrustedChoice to get started in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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