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Freelancing is a dream come true for many working professionals: you’re free to take days off, work when you want, and have more time to spend with loved ones. However, many self-employed hustlers face certain hurdles that could cost them big time if they’re not careful. Ensure that you’re protected against legal disputes with these 5 business practices.
1. Write a Contract
To ensure you receive the right payment, mitigate risk and stay legally compliant, you should always draft a contract no matter how trustworthy your client seems. By creating a contract your clients have to sign, you both become legally bound to one another. If anyone in this agreement dismisses, changes the terms, or ceases contact, you can take them to court.
Contracts have three essential components: agreement, consideration, and intention. With specific terms, the contract becomes legal, but it can be difficult to write a proper document without a lawyer. You can use the freelance contract template from Bonsai to help you get started. Just fill in the blanks in the form, then ask a lawyer to quickly look over the contract for clarification.
2. Purchase Insurance
In the United States, your employer typically gives you health coverage in exchange for a percentage of your paycheck. However, when you’re your own employee and boss, you’ll have to pay out of pocket for coverage unless you purchase health insurance. It’s important to stay covered by signing up for health, dental, and eyewear coverage if you wear glasses.
It’s also a good idea to purchase life insurance, disability insurance, critical illness insurance, and extended health care if you have pre-existing health conditions. Depending on the nature of your business, you may have to … Read More
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