With the rise of the Gig Economy, more and more Canadians are turning to side hustles as a way to supplement their income. From food delivery services like Instacart and Uber Eats, to home renovation services like Skip the Depot, the opportunities are endless. However, starting a home-based business comes with its own set of risks, and it’s important to have the right insurance in place to protect yourself and your assets.
Home Insurance: Your home is likely your biggest asset, and it’s important to protect it. If you’re using your home as a base of operations for your business, it’s important to inform your home insurance provider. Your standard home insurance policy may not cover damage or liability related to your business activities, so you may need to purchase a separate home-based business insurance policy. For example, let’s say you’re a freelance graphic designer working from home, and a client slips and falls on your front porch. If you don’t have business liability coverage, you could be personally responsible for covering the cost of any medical expenses.
Auto Insurance: If you’re using your personal vehicle for business purposes, it’s important to make sure you have the proper coverage. In some cases business use is permitted on a personal policy, in others you may be required to carry commercial insurance. For example, if you’re an Uber driver or delivering food for Instacart, you’ll need to make sure you have commercial coverage in place in case of an accident. Personal auto insurance policies typically don’t cover business use, so be sure to discuss your needs with your insurance provider.
It’s 2023, times are changing. Fast. Starting a home-based business can be a great way to supplement your income, but it’s important to have the right insurance in place to protect yourself and your assets. Whether you’re a graphic designer, food delivery driver, or a home renovator, be sure to discuss your insurance needs with an insurance professional to find the best coverage for your business. By taking the time to get the right insurance, you can focus on growing your business and achieving your financial goals, knowing that you’re protected in case of the unexpected.
Want to learn more? Get in touch with one of our brokers or get a quote today.