Do you have insurance as a freelancer?

If you freelance, you run the risk of getting sued (even using marketplaces). I have an Umbrella policy which covers up to $1,000,000 in a law suit. It is cheap, only $26 a month which I pay in full for the year which provides a discount. Not only does it cover my freelance work, it covers everything personal such as my home (IE: someone fell at my house and attempted to sue and homeowners insurance wouldn't cover it).

Do you have personal insurance? Do you think personal insurance as a freelancer is needed?

This is an interesting question. I have never actually thought about this. $26 a month seems very cheap consider it covers quite a few things. Personally, I don’t have personal insurance. The chances of getting into a lawsuit is pretty small although not impossible. Therefore, I don’t think it is necessary to buy insurance for a low risk event like this. Insurance companies are still running today because they make profit which means they earn more than they pay out. They can use probability to earn money but we can use probability to save money. Using this theory, I only buy insurance for high risk events or if the price is very cheap. However, if the personal insurance includes more than just a lawsuit and is cheap, I would go for it to protect myself. Building savings is also another good way to protect yourself when something goes wrong.

This question takes me back to a day in Texas when a chance encounter with an insurance agent left a lasting impression. We discovered the value of fast and efficient insurance services, particularly individual and insurance agency in Texas plans. These plans act as safety nets, providing security during illness or unexpected accidents ultimately prioritizing our well-being.