As an independent contractor, you can feel a bit alone when it comes to matters of disability insurance. Benefits that traditional employment provides automatically, by way of private insurance or government programs, freelancers and contractors must find on their own. With other more pressing safety-net needs – like health insurance (see oDesk’s plans here), homeowners or renters insurance, and car insurance – something as seemingly trivial as disability insurance can get ignored.

Statistics show, however, that one in three Americans will experience at least 90 days of disability before they reach the age of 65. It’s a sobering statistic if you, like most career contractors, have no backup plan for a disability that time out of work will temporarily eliminate your income.

So, here are a few tips to guide you if you’re considering a disability insurance policy:

1. Ask about the Elimination Period. This is the time between the start of your disability and the first benefit check you receive. The average is 90 days, which means you’d have to have enough cash saved to get you through until you begin collecting on your policy. Pay attention to this detail of any plan – setting an appropriate elimination period length can save you major stress down the road.

2. Ask about the Benefit Period. This is the length of time that your policy will provide disability benefits in the event that you need them. Policies range greatly, but most experts advise not paying into a policy that gives you less than five years of coverage.

3. Know the definition of Disability, according to each policy. Some policies will not cover mental illness, some will not cover addiction recovery or pre-existing conditions – the bottom line is that you need to know what is (and is not) considered a disabling condition according to each disability insurance policy.

4. Know your risks. This is an area a lot of individuals might not consider when buying a policy, but it’s a wise step. Do you have any pre-existing conditions that your policy won’t cover at all, or will limit your coverage until a certain length of time has passed? What diseases run in your family? What habits do you have that may cause a particular problem? (i.e., smoking) What could keep you from working? For example, Carpel Tunnel Syndrome could be a real problem for data entry contractors. If you stand to be at a higher risk for something that could be disabling to you, be sure that your policy is going to cover it. (Insurance companies calculate these risks to their own benefit, you should calculate them to yours!) Need help? Use these risk calculators for diabetes, cancer, heart disease, osteoporosis and stroke.

5. Take into consideration your expenses. Many policies only cover 60% of your income — and you must be sure to get a policy that covers self-employment income. Calculate your expenses and know what the gap is going to be between what you need and what your policy can provide.

6. Consider all your options. Once you know your risks, expenses, and begin gathering quotes on monthly premiums for disability insurance, you can start evaluating how much good a policy might do. If you own a home, you should weigh the cost of disability insurance against the cost of mortgage insurance that pays your mortgage in the event of disability — you might find you are better off with mortgage insurance. Or would you be better off saving the amount of any premium, so that you have a large cash (or investment) savings to pull from in the event of a temporary disability? Also, look into the Freelancers Union and the disability benefits they have available if you join.

7. Read the fine print. Never sign a policy you don’t fully understand. Ask questions, get everything in writing, and shop around for the best policy, taking all of the above into consideration.

Have you made the decision to buy disability insurance as a contractor? What factored into your decision and what words of advice do you have for others?

Tamara Rice is one of several freelance writers on the oDesk Blog team, and she herself was not able to work due to temporary disability for seven long months in 2008 – it can happen to anyone, and usually when you least expect it. She joined the oDesk marketplace in 2009, after more than six years on staff at an award-winning national magazine.