Tennessee Self Employed Insurance
How to connect with a local adviser
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.
Tennessee has 603,310 small businesses in operation. If you own a business here, you'll be responsible for a lot. Self-employed insurance is typically on that list.
Fortunately, an independent insurance agent can help you stay within your budget. They have a network of carriers so that you know you're getting the best coverage for a fair price. Connect with a local expert to get started.
What Is Self-Employed Insurance?
If you're self-employed in Tennessee, you'll have a lot of coverage choices. To better protect your business from a catastrophe, it's good to know what's out there. Take a look at 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
Health Insurance Options for Being Self-Employed in Tennessee
Health insurance for self-employed individuals can be pricey. If you have any employees at all, you may be required to offer coverage. Since you won't have a boss to provide health care, these options will be available to choose from:
- 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 Tennessee
In Tennessee, you'll have some options when it comes to health insurance. There are three ways you can obtain coverage for your business. Let's look at some specifics of each and see which one fits your needs the best:
Check out the key points in a private health insurance option below. This is a typical route used by many self-employed individuals.
- Most expensive
- Works well with most healthcare offices
- May offer the most coverage
- Uses standard health insurance markets
If you're looking for an option that won't break the bank, medical health sharing is a trend. It's still a viable route for some self-employed individuals with very little cash flow.
- 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 is going to be through the government and subsidized. This is what can make it the most inexpensive way out there for the self-employed.
- 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 Tennessee
Health insurance in Tennessee is expensive no matter who you are. When you're self-employed, you will be responsible for certain commercial insurance expenses. Take a look at what health insurance companies use to set your premiums:
- Location
- Health history
- Your age
- Your weight
- Any current health concerns
- Who's included on your policy
- How often you work out
Disability Insurance for Being Self-Employed in Tennessee
In Tennessee, $6,317,565,000 in commercial insurance claims were paid in 2019. From business property to commercial auto, your self-employed coverage needs to be accurate the first time. Disability insurance will protect your operation if you are unable to work. 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 Need Workers' Compensation Insurance In Tennessee?
In Tennessee, workers' compensation insurance is mandatory if you have employees. Sometimes if you are self-employed without staff, a contract still may require you to have coverage. First, it's beneficial to know what workers' compensation is:
- Workers' compensation insurance: Pays for the lost wages and medical expenses of an employee that becomes injured or ill while on the job.
How a Tennessee Independent Agent Can Help
When you're a small business owner in Tennessee, you've got to save where you can. Your protection shouldn't cut corners, but it also doesn't have to cost a fortune. Self-employed insurance will be one of your largest expenses.
An independent insurance agent can help find coverage for an affordable price through their network of carriers. Since they do the shopping, you'll save time. Connect with a local expert on TrustedChoice in minutes.