New Jersey Self-Employed Insurance
How to find a local independent agent
Written by
Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
Reviewed by
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.
In New Jersey, there are approximately 884,049 small business owners. When you are self employed, there is a lot you have to know. Self-employed insurance can be confusing if you're not a licensed professional.
Fortunately, an independent insurance agent can help with coverage that protects your livelihood. They have access to several markets, giving you options on premiums. Connect with a local adviser for custom quotes.
Self-Employed Insurance
As a self employed person in New Jersey, there are several insurance policies you can obtain. While you won't need all of them, what you do need will depend on your exposures. 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
You can customize any of these items to suit your needs. Some policies might not apply. To determine which are necessary, review your risk with a licensed professional.
Health Insurance Options for Being Self-Employed
Health insurance is essential to protect you as a self-employed individual. In New Jersey, there are a few choices you will have for an injury or illness. Since you won't have a boss to offer coverage, these options will suffice.
- Private health insurance: This can be obtained through an independent agent and can 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 member's 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.
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Best Health Insurance for Being Self-Employed
As a self employed person in New Jersey, which health insurance is best? It will depend on what you can afford and which option fits your criteria. 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 it
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
Self-Employed Health Insurance Cost
Like all business insurance policies, premiums vary. New Jersey health insurance costs are just like anywhere else — high. Your pricing could be reasonable based on your specifics. Insurance companies will take personal data when determining how much to charge you. Take a look at what health insurance carriers use to set your premiums.
- Location
- 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
- 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?
Workers' compensation insurance in New Jersey is not typically required on yourself. There are occasions where a self-employed individual will be asked to carry workers' compensation insurance. First, it's beneficial to know what it is.
- Workers' compensation insurance: Pays for the lost wages and medical expenses of an employee who becomes injured or ill while on the jobsite.
Even though you are not an employee, a company you do a job for may ask you to obtain coverage. This is because they don't want you to file a claim on their policies. To review your options, consider using a professional.
How a New Jersey Independent Agent Can Help
When you're self employed in New Jersey, you're responsible for a lot of things. Your own insurance policies are among them. In order to have adequate protection, the right coverage is necessary from the get-go.
An independent insurance agent can help with quotes and premium options. They work on your behalf at zero cost, saving you time and money. Connect with a local expert on TrustedChoice.com to get started.