Imagine waving goodbye to those traditional cubicles and 9-5 routines! Being your own boss is incredible, especially with 15 million self-employed professionals in the American workforce. However, life and business can throw unexpected challenges your way, and that’s where insurance becomes essential. As a self-employed individual, it’s crucial to protect yourself, your family, and your business.
KEY TAKEAWAYS
Self-Employed Health Insurance
- Get a tax deduction on health insurance premiums.
- Consider a high-deductible health plan (HDHP) with a health savings account (HSA) for tax-free medical savings.
Term Life Insurance
- Provides coverage for a set period; more affordable than whole life insurance.
- Aim for coverage 10–12 times your annual income to protect your family financially.
Long-Term Disability Insurance
- Essential for coverage after short-term disability ends.
- Opt for “own-occ” coverage to protect your income if you can’t perform your trained job.
Employer Business Insurance
- Key types include General Liability, Professional Liability, Business Owner Policy (BOP), and Workers Compensation.
WeFIRE Newsletter
A weekly roundup of money news, budgeting hacks, tax strategies, book reviews, and bursts of inspiration to support you on your path to financial independence.
