Health Insurance for
Obtaining Health Insurance for the Self-Employed and Small Business Owner.
Health insurance is a big concern for many self-employed people today and is a major consideration when looking at starting a home based business. Some virtual assistants are married and are fortunate to be covered under a spouse’s policy, but many others have to find their own insurance.
It is possible to obtain a small business medical insurance policy. I have never operated a business outside of the United States; therefore I am not familiar with medical insurance in other countries. Many companies will offer a busines policy for a “business of one” which is usually available during the month of your birthday. This “open enrollment” month means they cannot turn you down.
Another option is carrying a high deductible plan that will cover you if anything catastrophic happens. These are more affordable plans but do not cover office visits, prescriptions and preventive care but will protect you financially if in the event of a catastrophic event like cancer, strokes or heart attacks.
You may also be able to obtain short-term disability insurance for self-employed in case you need it. These plans do not pay much but can provide some money for your mortgage or most important bills.
You owe it to yourself to research your options for small business medical insurance before you leave employment or lose any medical coverage you have before you start your virtual assistant business. You may also want to look into business liability insurance that will protect you and your business in the event a client wants to sue you. One popular form of insurance for self-employed professionals is E & O or “Errors and Ommissions” insurance. This type of insurance is not required and many Virtual Assistants work without it, but it is something you may want to consider depending upon the types of services your provide.