The annual holiday encourages gig economy workers to review their insurance policies.
June 28 is National Insurance Awareness Day — a day to remind everyone, including independent contractors, to review your insurance policies, update them if needed and determine whether you would like to add new ones. According to ADP, a human resources management software and services provider, about 90 percent of gig workers have health insurance. But there are other types of insurance, specific to independent contractors, to consider, including general liability, professional liability, and workers’ compensation, in addition to car, life and home or renters insurance, which nearly everyone needs. Regardless of what type of insurance policy you hold or sign up for, it is important to understand what the policy covers to ensure that you’re sufficiently protected.
In observance of National Insurance Awareness Day, take these action steps to protect yourself and your family today:
Obtain free quotes
Whether you shop online or contact an insurance agent, be sure to ask about current promotions and lock-in rates to get a reasonable price for the coverage you’re seeking. Don’t be afraid to comparison shop. Many people recommend getting quotes from at least three different companies before making a decision. It’s important to factor in reviews and ratings for each insurer. When analyzing quotes, make certain that each policy has comparable liability limits and deductibles.
Take the initiative to lower your policy rates
There are many steps you can take to save money on various types of insurance policies. Here are a few examples:
- Many companies offer discounted rates on car insurance when multiple vehicles and drivers are grouped under one plan. Maintaining a safe driving record may also help you save. If you’re considering buying or leasing a new car, keep in mind that some vehicles are more expensive to insure than others.
- Healthy weight loss can lower your life insurance rates, but rules about how much weight you’ve lost and how you’ve lost it apply. In this article, Policygenius explains how to get the best shot at lowering your premium if you’ve lost weight.
- Having a smoke detector, alarm system and deadbolt locks in your home can help with lowering your home insurance rate. Here, NerdWallet shares other creative ways to start saving on your homeowners insurance policy today.
- According to Experian, a major credit bureau, a good credit score can lower your car and homeowners insurance rates. Read this article to learn more and find other ways to use your credit score to improve your finances.
Evaluate how your life has changed or will be changing
How much insurance you need may change as your life transforms. For instance, if you’re planning on growing your family or changing your marital status, it’s best to plan ahead now, considering things like adding your newborn to your health plan, updating your beneficiaries and inquiring about discounts for married couples.
Still want to know more? This article from The Balance details how insurance works and what types of insurance are available.