Regarding Taxes & Benefits, what financial responsibility shifts entirely to the freelance independent professional?

Paying for all business expenses, insurance, and self-employment taxes

The shift in responsibility is a core difference between freelancing and standard employment. Because a freelancer is an independent contractor, the burden of financial management relating to compliance and overhead rests entirely upon them. This includes covering all business expenses, procuring necessary insurance coverage, and setting aside funds for self-employment taxes. Unlike traditional employees, freelancers do not have their employer withholding these taxes or providing a standard benefits package, requiring the independent professional to manage these significant administrative and financial overhead tasks proactively.