Navigating insurance for Indian freelance writers
What's the story
Freelance writing in India provides freedom but comes with hurdles, one of the most significant being getting insured.
Unlike regular employees with the safety net of employer-provided insurance, freelancers are left to figure things out on their own.
This blog post makes choosing the right insurance types easier for Indian freelance writers.
Health coverage
Health insurance is a must
Health insurance is essential for freelance writers in India, as they don't have the safety net of an employer's group policy.
Individual plans are key, with comprehensive coverage starting at approximately ₹5,000 annually for a ₹5 lakh cover.
Policies must provide cashless hospitalization and cover pre-existing diseases after a certain waiting period.
Income protection
Safeguarding income with disability insurance
Disability insurance is vital for freelancers because their income depends on their ability to work.
This insurance provides financial assistance if illness or injury stops you from working.
While premiums vary based on coverage level, a policy covering a substantial portion of your income serves as a crucial safety net.
Liability cover
Professional indemnity insurance for peace of mind
Most freelance writers don't think they need professional indemnity insurance. But, it covers claims made by clients for losses suffered due to mistakes or oversights in your work.
For example, if your article causes legal trouble or financial loss to a client, this insurance helps cover legal fees and any damages awarded against you.
Annual premiums can start from as low as ₹7,000 depending on the coverage limit.
Future security
Planning for the future with life insurance
Financial tip for freelancers: Get a life insurance.
Term plans are super affordable and provide high coverage at low premiums. For example, a 30-year-old non-smoker can get a ₹1 crore policy for just ₹7,000-₹10,000 per year.
This guarantees financial protection for your loved ones. Hence, selecting the right insurance is a key step toward peace of mind and stability for freelancers.