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What to do when you work for yourself: A how-to guide to insurance

Insurance advice for freelancers, the self-employed and entrepreneurs
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People who work as freelancers, are their own bosses and who start their own businesses are a special group. They’re used to taking on a lot of responsibility and are comfortable working outside of traditional parameters.

They still, however, need to have protection in place—both now and for the future. A lot can change in the course of growing a business. Just because they’re not paying into a company insurance plan doesn’t mean that they can risk being without coverage.

To learn more about the ins and outs of insurance when you’re self-employed, we spoke with Jordan Forbes of J. Viotto and Company, The Co-operators in Sault Ste. Marie.

“Approximately five to ten per cent of our client base are self-employed,” says Forbes.

Those who work for themselves don’t have the same automatic, opt-in access to coverage. They have to think especially carefully about retirement planning, life and disability insurance, health and dental coverage, says Forbes.

The most urgent of these? Disability and life insurance.

Disability insurance should be in place in case you become disabled after an accident or an illness. Life insurance can help assist your family members financially in the event that you pass away. Anyone who has financial commitments, such as a mortgage or student debt, needs to ensure that, should something unexpected happen, they can cover ongoing living expenses and provide themselves or their family with financial support.

Fortunately, you don’t need an employer-based plan to get suitable coverage. There are several affordable insurance options available for those whose incomes may fluctuate month to month. “We can design plans to fit any budget. If the client is just starting out, we can structure their plans to cost less but still protect the risks that face them as a self-employed individual,” he says.

The other important piece: financial planning. “It is much more important for these individuals to plan for their retirement or the ebbs and flows in cashflow that owning and running your own business can present,” says Forbes. “Emergency funds and financial contingency planning is much more important in these cases.”

At The Co-operators, they work with a number of self-employed and entrepreneurial clients, such as contractors and real estate agents. They help to design comprehensive plans that will see them through the rest of their working lives.

“It is especially important when you’re self-employed to have a tailored insurance and financial plan in place,” explains Forbes. “It is important for these individuals to protect their businesses, their financial futures and also the financial well-being of their employees.”

“At The Co-operators, we are happy to say that we are able to offer everything our clients need all under one roof.”

For more information, visit The Co-operators or call 705-945-8844 to speak with Jeff ViottoJordan Forbes or Justin Montanini.