Everyone loves a good side hustle. With this comes lots of excitement—there's something special about sharing one of your passions with the world. Despite all of the positives, having a side hustle can be stressful and chaotic at times. Therefore, being educated on some of the factors that will contribute to that is a must. One of those factors is insurance.
It’s important to consider all of the risks when freelancing or starting up your own business. Just when you think you’ve seen it all, the world throws another curve ball at you. Get prepared by reading these tips and tricks to ensure your side hustle is safe and insured.
When do I need insurance?
Every business is different, so not all of them are going to need the same plan. How much insurance you need is based on your business’s “risk factor”. It all just depends on how far along your business is and what product or service you sell. If your side hustle is at a higher risk, you’ll need more insurance. If not, you won’t need as much, and some won’t need any. However, it is highly recommended to have some sort of insurance to fall back on in case you get sued or run into an emergency.
What do I need to know about insuring a freelance business?
Let’s talk about the basics of insuring your side hustle. For starters, if your business requires people to come to your house/place of business, or if you have expensive equipment, then you are on the higher risk end. High risked small businesses should look into getting Professional Liability Insurance, Crime Insurance, Property Insurance, and Vehicle Insurance. These will protect you and your business from damage or a lawsuit.
A few other insurance policies you should look into are Workers' Compensation, Personal and Advertising Injury, and Cyber Liability Insurance. Personal and Advertising Injury insurance is for when you are being accused of copyright. Workers' Compensation is for if someone gets hurt on the job. And last but not least, Cyber Liability insurance is for if your personal and financial information gets breached by a hacker.
In order to keep your dream alive, you need to protect yourself from events like these. If something happens to jeopardize your business, it’ll be a lot harder to get back up without insurance. A side hustle is already a lot of hard work; work smarter, not harder.’
If you’d like to assess your insurance needs, contact the experts at MetzWood Insurance today!
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