Mississippi Self-Employed Insurance

Independent agents are available to help all self-employed workers in the Magnolia State find the right coverage.

Written by Meg Stefanac
Written by Meg Stefanac

Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to TrustedChoice.com.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

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.

Mississippi Self Employed Insurance

With the growth of our “gig economy,” self-employment is on the rise. In twenty Mississippi counties, at least 10% of all workers report being self-employed. Regardless of the kind of work you are doing, if you are working for yourself, you can benefit from the protections offered by certain insurance policies.

Local independent insurance agents are available to help you find the coverage you need at a price you can afford. These agents can answer your insurance-related questions and offer trustworthy guidance and advice. Set up a one-on-one consultation with an insurance agent near you to learn more.

What Kinds of Insurance Do Self-Employed Mississippi Residents Need?

When you work for a large company, you can typically get benefits like subsidized health and life insurance through your job. But when you work for yourself, you need to buy this coverage at full price on your own.

Additionally, some self-employed people may benefit from other insurance products like business liability insurance, additional car liability insurance, and workers’ compensation insurance.

Local independent insurance agents can help you determine what kinds of coverage you need and can shop around to find you suitable policies at competitive prices.

What Are Health Insurance Options for the Self-Insured in Mississippi?

The cost of health insurance in the United States is high, but having a policy is very important because it can ensure that you have access to the coverage you need if you are injured or get sick. Self-employed people in Mississippi can obtain health insurance in one of three ways.

  • Through the health insurance marketplace: This is government-subsidized health insurance that is provided through the Affordable Care Act. It enables those without access to employer-provided health insurance to choose from different levels of coverage. Costs for coverage are based on your age, income, and the level of coverage you are purchasing.
  • Through a private insurance carrier: If you prefer to purchase your health insurance on the private market, you may find that costs are significantly higher, but you may be able to obtain coverage with lower copays and deductibles.
  • Through a medical sharing plan: This is not actually health insurance. These plans are run by an organization (usually a church or ministry). Members pool their money together to form a fund that can be drawn from to pay for health care costs. However, some things may not be covered, and coverage is not guaranteed.

Keep in mind that when you are selecting a health insurance policy, there are several different types of coverage available such as PPOs, HMOs, and managed care plans. Policies also come with varying copays, deductibles, and prescription plans.

This means that the policy with the lowest price might end up costing you more in the long run. Fortunately, a local independent agent can help you review and understand your options so that you can make an informed decision about which health insurance policy is the right choice for you.

What Do I Need to Know about Self-Employed Life Insurance?

As someone who is self-employed, purchasing a life insurance policy may be a good idea, particularly if you have dependents who rely on you for financial support. The younger and healthier you are when you buy into life insurance, the less expensive it is.

When purchasing life insurance, you can choose between term and permanent policies.

  • Term life insurance: These policies are valid for a specific amount of time, typically between 5 and 30 years.
    • Pros: This is the least expensive way to get a lot of coverage. Coverage is available in the years you need it most.
    • Cons: They accrue no cash value. Once the term is up, the policy expires.
  • Permanent life insurance: These policies remain active for as long as you continue paying premiums.
    • Pros: They accumulate cash value and can be cashed in at any time if your financial circumstances make that necessary. If you lock in low rates while you are young, you can maintain them for life.
    • Cons: These are much more expensive than term policies, so you may not be able to purchase as much coverage.

The type of life insurance you choose to purchase is a personal decision. You should base it on your life situation, financial circumstances, and long-term goals. An independent insurance agent can help by enabling you to review customized rates for each kind of policy.


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What Other Kinds of Insurance May Benefit Self-Employed Workers?

In addition to covering yourself with health insurance and life insurance, you may want to also cover the investment you have made in your self-employment business. The following policies can help.

  • Business owners policy (BOP): If you have set up your self-employment as a business, you may want to consider purchasing a BOP. This can cover your business-owned property, offer general liability protection, and provide a continuation of income if you must cease operations for a while due to damage caused by a covered event.
  • Professional liability insurance: If you provide professional services, you have the potential to be sued by an unhappy client for negligence or other professional errors. Professional liability insurance can cover the related expenses including legal defense fees and damages.
  • Car insurance addendum: If your self-employment involves driving, your personal car insurance may not cover your liabilities if you are responsible for an accident while on the job. An independent insurance agent can help you contact your current car insurance company to see if they offer an addendum to provide additional coverage. If not, they can help you find a policy that does.

No matter what your coverage needs may be, a local independent insurance agent can assist you with finding the best and most affordable policies.

Do Self-Employed People in Mississippi Need Workers' Compensation Insurance?

Workers’ compensation insurance is designed to cover the treatment of worker injuries and occupational illnesses as well as lost wages while injured workers take time to recuperate.

In Mississippi, you are only required to carry workers’ compensation insurance if you employ at least five workers on a regular basis. You do not need to cover independent contractors or casual employees.

If you are among the self-employed people in Mississippi who have at least five employees, a local independent insurance agent can help you find a suitable workers’ compensation insurance policy at a great price.

Where Can I Find the Best Self-Employed Insurance Policies in Mississippi?

A local independent agent can help you with all your self-employment insurance coverage needs. These agents work for you, not for a particular insurance company, so they are free to shop around to find you suitable coverage at the most affordable prices.

There are more than 200 independent agents with offices in Mississippi so it should be easy to find an insurance agent near you to get started.

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