Self employed woman wearing tan jacket leaning against building thinking about what types of insurance she needs

Five Insurance Types Every Self-Employed Worker Should Have

Many Americans are choosing the freedom of being self-employed – and there are a ton of perks that come with it! You get to choose your own hours. You get to choose your clients. You even get to pick your own team members. As your own boss, you have the autonomy to create the company of your dreams. 

Why Should Self-Employed Workers Have Insurance?

Life happens. Accidents happen. And one of the most important decisions you will make working for yourself is what insurance to carry in the event something goes astray. Insurance can provide you with a safety net in case someone trips in your store and gets injured, an employee makes a costly error, or if you fall ill and are unable to work.  

Now you might be thinking, “What type of insurance do I need?” Check out the different options below to see how Woligo can give you a shoulder to lean on when you need it most. 

1. Disability Insurance

You work hard every day to make a living. You work to pay your bills, keep a roof over your head, and provide for your family. But what would happen if you fell ill or became disabled and were unable to work?

Disability insurance replaces a portion of your income if you are unable to work due to a covered illness or injury.  Disability can be caused by critical illnesses, including heart attack, stroke, cancer, organ failure, cognitive impairment, and serious injuries. Any of these could pull you away from work for months or even years.

If you weren’t able to work for a period of time due to a covered illness or injury, disability insurance steps in to help cover your needs, letting you focus on taking care of yourself. Disability insurance is sometimes nicknamed “paycheck protection” because it replaces a percentage of your income. And, unlike many other insurance types, disability insurance is paid directly to you. 

Disability insurance benefits help keep you — and your small business — afloat so you can focus on getting better. Click here if you want more information on your options.

2. Life Insurance Term Policy

At its core, life insurance is about helping to protect your family and loved ones. The life insurance benefit, known as the death benefit, is paid to your family. Life insurance is essential in the prime adult years of your life because these years are often the most expensive for the people you love. Life insurance can provide them with the financial means to help with costs like cars, mortgages, college, everyday living, and even funeral expenses.

A term life insurance policy covers you for a set amount of time — a “term.” You can renew the policy when it ends or transfer it to permanent policy coverage. Term policies have lower premiums than permanent policies for the same coverage in the initial years. Individuals in good health often prefer this plan because it is designed to protect beneficiaries in case of premature death, not necessarily to pay family members once they are grown up and on their own. It can also be great for adults in their mid-life who want limited protection for the next decade or other term. Term life insurance benefits can be used to make up for the lost income during your working years. The death benefit is typically paid in a single lump-sum amount.

Due to lower premiums, term life policies help you protect your family for the same coverage, but at less cost, than permanent policy premiums. You can feel secure knowing that your family will have financial protection if you were to pass away, but also minimize your expenses right now. Term life insurance policies are simple to understand and easy to start.

Life Insurance Permanent Policy

Permanent life insurance, also known as whole life insurance, can last for your entire life, as long as you continue paying your premium. Premiums are substantially higher than term policy insurance types for the same coverage in the initial years because of the extended coverage.

Some independent contractors and small business owners choose a permanent policy because some of the money paid into the policy can go into a cash-value account. With some policy options, you can surrender your policy for cash, but it forfeits your coverage and death benefit.

3. Accident Insurance

Accident insurance helps provide financial protection for those who may become injured or deceased due to an unexpected accident. The insurance benefits help cover out-of-pocket medical expenses and other bills that emerge while healing from your injury. It works alongside your primary health plan, making payable benefits directly to your pocket instead of to the medical facilities that are treating you.

It is complementary to disability insurance because you can receive benefits even if your injury doesn’t prohibit you from working. The greatest benefit is that it helps provide a financial cushion that may help give peace of mind. 

Woligo’s accident insurance is available for self-employed workers at a very competitive price. Many independent workers may expect to pay high teens or low 20s for their premiums.

4. Liability Insurance

When it comes to liability insurance, there are two types of insurance policies that small business owners and independent contractors can choose from. 

General Liability Insurance

General liability insurance helps safeguard your business if you are sued for third-party property damage, third-party bodily injury, or reputational harm during the course of your work. Being sued may seem improbable, but it’s not a risk worth taking. One lawsuit could quickly drain you and your business of funds. Click here to learn more.

Professional Liability Insurance for Self-Employed Workers

Also known as errors & omissions insurance (E&O), professional liability insurance helps protect your business by helping cover defense costs, settlement, and/or judgment if a client sues your business you advised or provided services for. Mistakes happen, and those mistakes by you or your employees can lead to an angry customer who files a lawsuit for a negligent act, error, or omission. Woligo offers professional liability coverage to help provide you with extra protection.

In fact, even if you aren’t at fault, that doesn’t always stop an upset customer from filing a claim. It’s an inherent risk of owning a business, particularly if your profession can have a large impact on your customer’s bottom line. In some professions, professional liability insurance truly is a must. And some states require such insurance to operate. 

5. Discount Plans

Having a Woligo discount plan is like having your very own healthcare entourage. You get access to a group of experts and professionals waiting to help make life easier for you, whether or not you have health insurance. 

Well-Being Discount Plan

well-being discount plan is not health insurance, and well-being discount plans do not make any payments to medical providers. Instead, members use their membership card to redeem discounts at providers included in the plan. 

Anyone can benefit from a discount plan, whether or not you have health insurance. If you don’t have insurance, then a discount plan can help cut the cost of medical bills, but even if you do have insurance, the cost of medical bills may still decrease, meaning you pay less out of pocket when you haven’t yet reached your deductible.

TeleHealth, Teladoc Behavioral Health, Health Advocate Solutions, Dental Discount Plan, Vision Discount Plan, and Retail and Mail-Order Pharmacy Discount are all benefits of the Woligo well-being discount plan. 

TeleHealth

Imagine how much easier it would be to be treated by a doctor if all you had to do was open your laptop? Our TeleHealth services include on-demand access to phone or video appointments with medical professionals, 24 hours a day, seven days a week. And if you don’t need a full appointment, you can still get your basic healthcare questions answered using a secure website.

Dental Discount Plan

Keep those pearly whites clean and healthy. With a dental discount plan, you can pay discounted rates for cleanings, X-rays, crowns, fillings, and other dental services. Our dental discount program has connections with dental providers around the U.S., which means you can save hundreds on dental procedures no matter where you live.

Vision Discount Plan

When you need to refill your contacts or get a new pair of prescription eyewear, it’s a pleasant surprise to get 15, 40, or even 60% off your bill. This plan is one of the best vision discount plans because it connects with 20,000 vision providers, many of which are the most popular retailers and chains in the country. Plus, those discounts extend into eye exams and laser surgery, helping you protect your eyes and your sight.

Retail and Mail-Order Pharmacy Discount

Members can save on prescriptions if they opt to pick them up at their local pharmacy or have them shipped to their home. It’s convenient, cost-effective, and easy to do.

Teladoc Behavioral Health

With our Teladoc behavioral health services, you can talk with a licensed therapist while sitting on your couch. Schedule a confidential video or phone therapy session any day of the week, and one of our professional therapists will meet with you at no cost. Our licensed therapists can help if you suffer from anxiety, depression, stress, PTSD, panic disorder, grief, family & marriage issues, or other personal or mental health issues.

Health Advocate Solutions

Get a team of health experts in your corner. Navigate your health care needs with experts who can help you: find specialists, doctors, and pharmacies; answer questions about tests, treatments, or medication; coordinate care across multiple providers; resolve medical claims; transfer medical records; negotiate discounts for your medical bills; provide self-care tips; advise you on how to ease common pain; and more. 

Our professional licensed registered nurses are even available 24/7 to help with your ailments.

Safeguard Discount Plan

Safeguard discount plans plan lets you access group benefits to support your lifestyle. It is a discount and savings program for benefits, such as credit and fraud monitoring and roadside assistance. The benefits are available to the members of the program, their spouses, and their legal dependents.

ID Sanctuary, Global Travel Assistance, Roadside Assistance, Legal Services, and Financial Wellness are all benefits of the Woligo safeguard discount plan. 

ID Sanctuary

With ID Sanctuary, identity protection is at your fingertips. If you are the victim of identity theft, our team immediately gets to work to guide you through the identity restoration process. Most of the time, we catch these problems well before they escalate. As part of our identity theft insurance, we offer checking and saving account alerts, credit bureau reports and monitoring, and credit inquiry alerts.

Global Travel Assistance

When you’re traveling more than 100 miles away from home and disaster strikes, a global travel plan quickly provides you with professional, reliable help. If you’re ill or injured, you can connect with a global network of doctors involved in the global travel protection plan. If you lose your passport while overseas, you’ll have timely help. From lawsuits to natural disasters, you’re never alone, even when you’re halfway around the world.

Roadside Assistance

Getting a flat tire is always a bummer, but it’s a little less so when you know someone is on their way to help you out quickly. That’s what a roadside assistance plan is all about. If your car’s battery dies, you run out of gas, or are locked out of your car, just make a call, and a professional will quickly be deployed to get you on your way again. Our comprehensive package has one of the best roadside assistance plans on the market.

Legal Services

It’s convenient to say “let me call my lawyer” when you have a legal question. And it’s even nicer when the person on the other end of the line is an attorney able to provide expertise in the specific legal area in which you need help. The legal services plan may give you discounted rates for legal services and consultations, help with legal documents, representation in small claims court, and more.

Financial Wellness

It feels good to have your personal finances in order. This way, opportunities are open to you, and you’re less likely to constantly worry about or ignore what’s in your bank account. As part of our safeguard discount plan, we provide live coaching and online resources to help you keep your finances in check. Call our accredited or certified financial advisors to discuss your options when buying a home, creating a budget, building your savings account, or facing other financial changes. Or use our curated Online Financial Resources Center as a guide. This plan does not include investment, legal, or tax advice.

What Type of Insurance Do I Need?

As a self-employed individual, your business is completely dependent on your ability to work. When problems, disabilities, and accidents arise, your business can suffer. If you are unable to work and make a living, your family can suffer. 

Don’t wait for something to go wrong to decide that you need insurance. Visit Woligo today to help ensure that your future, your family’s future, and your business’s future is a bright one. 

Disclaimer:

Information provided on this site does not constitute professional advice: if you have legal, tax or financial planning questions, you should contact an appropriate professional. Statements on this website as to policies and coverages and other content provide general information only and we provide no warranty as to their accuracy. Current and/or potential clients should consult with their licensed agent as to how these coverages pertain to their individual situation. Limitations, exclusions and waiting periods may apply.