My Dream Job is a Self-Employed Insurance Nightmare (7)

I've got my dream - but no self employed insurance. When you dreamed about this day, the dream never included self employed insurance. You did it! You put together a business plan, found the funding and finally started your own business. No more working for "the man". No more corporate run around. But, wait a minute, no more insurance for you and your family.

Many people forget that being your own boss also means you're in charge of everything -- including the elusive benefit of insurance for the self employed. In putting together your own business you had to learn about many things. Employment regulations, sales taxes, income taxes but did you educate yourself about self employed insurance? If you are the sole breadwinner for your family, it's now more important than ever to make sure you're taken care of in a health crisis. First of all, you've got to go back to school and learn about insurance for those of us who are self employed. Learn all you can - an educated consumer is a smart consumer.

There are just as many different kinds of insurance for the self employed as there are different kinds of businesses. Make sure you pick a plan that meets the needs of you and your family. Talk to plenty of companies and get as many quotes as possible. Premiums versus deductible, which one is best when considering self employed insurance? In general, the lower the deductible the higher the monthly premium you will pay. You'll pay less in a premium each month if you are willing to accept the possible risk of a large deductible. Remember, self employed insurance is a wager - just like any other insurance policy. You're betting that you'll get more in coverage than you pay for the premiums and the company hopes they'll collect all your premiums and never have to pay a claim. In reality, you'd probably rather not have claims either. No one is ever seen dancing around the emergency room yelling "Yes! Broken arm! This will make my deductible!" So, consider opting for higher deductibles to keep your monthly premium low.

This one might sting a little at first but it will help keep costs down in the long run. Consider paying the premium for the whole year right up front. I know, it's a big chunk of change, but it will do two things. First, most self employed insurance companies will offer a discount if you don't string out the payments over the months. Second, it will protect you from yourself. If things get tough during your first year, you'll always have the security of knowing that your self employed insurance is covered. You'll never be tempted to skip a payment or let the policy lapse.

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