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Independent Contractor questions.

PommyMommy 57 70 December 29, 2015 at 11:00 AM
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Hi. So, for the last 5-6 years I have been working as an independent contractor. I was wondering what other people who are self employed or an IC do for their TDI insurance?I know nothing about it and tried looking it up and it is very confusing. Can anyone give me any advice please?

~TIA

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#2
Quote from PommyMommy View Post :
Hi. So, for the last 5-6 years I have been working as an independent contractor. I was wondering what other people who are self employed or an IC do for their TDI insurance?I know nothing about it and tried looking it up and it is very confusing. Can anyone give me any advice please?

~TIA

I assume you are working as an LLC either as an employee of that LLC or on a 1099 basis? Beyond the required payments (if any) by your state to get unemployment and short term disability insurance, you need to protect yourself long term with LTD insurance. Try an insurance agent and consult with your tax adviser as this stuff is not something one should venture into on their own.
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#3
Quote from YanksIn2009 View Post :
I assume you are working as an LLC either as an employee of that LLC or on a 1099 basis? Beyond the required payments (if any) by your state to get unemployment and short term disability insurance, you need to protect yourself long term with LTD insurance. Try an insurance agent and consult with your tax adviser as this stuff is not something one should venture into on their own.
Yes, I am a 1099 employee. In my state, they do not require you pay into short term disability nor is there a way to unless you are a W-2 employee. I don't have an insurance agent or tax adviser. I have done everything on my own. Thank you for your answer. I will look into a local agent though, they are mostly all home and auto.
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#4
Quote from PommyMommy View Post :
Yes, I am a 1099 employee. In my state, they do not require you pay into short term disability nor is there a way to unless you are a W-2 employee. I don't have an insurance agent or tax adviser. I have done everything on my own. Thank you for your answer. I will look into a local agent though, they are mostly all home and auto.

Short term is sort of worthless for an independent contractor imo. Sort of like being on the beach for a couple of months. If one is worried about not getting paid for a few weeks or being without work for a few months, then one should not really be a contractor...my 2 cents. Long term though, you really should protect yourself if something happens (beyond what Social Security may cover) if you make a living by doing work for others. A number of firms offer LTD insurance so I would see if your agent can get you some quotes and write you a policy that fits your needs. You also need to bear in mind the tax and income consequences of whatever policy you get (i.e., affects on SS, whether you can work in other jobs while collecting, what constitutes disability, etc. and the like). Again, something to discuss with your tax\financial adviser.
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#5
Thanks for the information. I'm looking for both short and long term. I will definitely find someone in the area who can help me. If I had my choice, I wouldn't be an independent contractor but the type of work I do doesn't give my any other choice anymore. I do it while I go to school to pursue something else and yes, I need to protect myself short term also because I am a single parent and have obligations that don't afford me the luxury of not worrying.
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#6
let us know what industry you are in as long as the state
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