In Missouri, there are roughly 532,277 small business owners. If you are self-employed, there are a lot of things you need to know. Self-employed insurance is one thing that can be confusing if you're not a trained professional.
Fortunately, an independent insurance agent can help find policies that won't break the bank. They work with several carriers so that you get the best deal in town. Connect with a local expert for custom quotes.
Self-Employed Insurance in Missouri
If you are self employed in Missouri, you might notice there are several different types of insurance. It's hard to know what applies. 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 can be customized to your business's specifications. Some may not be necessary, while you'll need to have others for adequate coverage. Since every company is unique, your insurance will be as well.
Health Insurance Options for Being Self-Employed in Missouri
In Missouri, you'll have a few choices when it comes to health insurance. If you employ over a certain number of staff, you'll be required to offer healthcare. Check out these self-employed options in Missouri.
- 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 Missouri
Which health insurance policy is the best when you're self-employed? Whether you're flying solo as an entrepreneur or you have a staff, it's essential to know what options are available. 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 them
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 Missouri
Missouri healthcare is pricey if you're self-employed. Your personal data will determine your premiums. Since you won't have a boss helping with a portion of the health insurance bill, you'll want to be strategic on coverage. Take a look at what health insurance carriers use to set your costs.
- Health history
- Your age
- Your weight
- Any current health concerns
- Whose included on your policy
- How often you work out
Disability Insurance for Being Self-Employed in Missouri
When you are self-employed in Missouri, it is incredibly beneficial to have disability insurance. It can replace a portion of your business income, so your livelihood isn't compromised. 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 in Missouri Need Workers' Compensation Insurance?
Workers' compensation insurance in Missouri is required when you have five employees or more. While you may not have a staff, you may be asked to provide workers' compensation if you work for another business. This is common when a company hires a contractor for a task. First, it's beneficial to know what it is.
- Workers' compensation insurance: This pays for the lost wages and medical expenses of an employee who becomes injured or ill while on the job site.
When you are hired to perform a job for another business, they won't want a claim filed on their policies. Instead, they will mandate that you have your own protection. Speak with an adviser on how to obtain workers' compensation insurance for yourself.
How a Missouri Independent Agent Can Help
As a self-employed entity in Missouri, you're responsible for several things. Your business insurance is one of them. A licensed professional can help you get the right self-employed coverage.
When you work with an independent insurance agent, they can do the shopping at no cost. They have access to numerous carriers so that you get affordable pricing. Connect with a local expert on TrustedChoice.com to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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