Health Insurance: Now this is something that has changed a lot in the last decade. Not something you will have to think about too much yet. If you are under 26, you fall under that beautiful window of having health coverage until you are 26 through the Affordable Care Act. However, given the current administration, we may seem some drastic changes in the coming months and years. Please pay attention. I cannot tell you enough how important it is to have health insurance.
If you have a job with benefits- great. You lucked out. For many artists however, life as a private contractor means you have to pay your own insurance. This can be pricey. Since the Affordable Care Act, it has become easier to qualify for help with this. The Marketplace and Medicaid have really helped people from falling through the cracks. Most towns and counties have people to help navigate this system.
Don’t put this off!! Find out how much you can afford and get that insurance. I am speaking from personal experience. Before the Affordable Care Act, I got caught in a situation where I almost had to declare bankruptcy due to an unforeseen illness. My credit is still a mess. This has made it difficult to qualify for car loans, home loans- it even made it hard for me to get a job at one point. Almost a decade later, I am just getting back on my feet financially. Just a word to the wise….
Insuring your work
It’s important to insure your work. Now, it may be tricky. Especially early on in your career, when you will likely be renting studio space, or exhibiting in unusual venues, it is important that you protect all your hard work! At the very least, be sure you have renters insurance.
What is Insurance?
Fundamentally, insurance is a way of managing risk. Virtually everything you do in life, and certainly in business, entails some degree of risk. As a general rule under most western legal systems, if you engage in a particular course of conduct, you’re on the hook for the consequences of that conduct. If you incur costs on someone else because of your behavior, you have to pay it back – the law calls that a liability. Another risk you might incur is to our own property – you might break or lose something that is so valuable that to replace it after an accident could impose an undue financial burden.