As inflation and interest rates remain at the highest levels seen in decades, many Canadians have been exploring different options to for supplementing their income. If you are planning to begin taking on freelance or part-time work alongside your full-time job, you might require insurance that you would not have previously considered. Here are a few common types of coverages that could be important for your new side hustle:
Home-based Business Insurance
Will you be operating a business from your home? Your homeowners' insurance policy may not cover claims that arise out of your business activities. You may need to consider a standalone home-based business insurance policy.
Commercial Auto Insurance
If you are using your personal vehicle for business, especially in ride-sharing services or delivery jobs, you may need a commercial auto insurance policy. Your broker can help clarify what your current policy covers and advise you on whether additional insurance is necessary.
Professional Liability Insurance
If you will be providing any type of professional service or advice to clients, professional liability insurance can protect you against claims of negligence or failing to perform your professional duties.
Health and Disability Insurance
If you will be doing any kind of physical labour, consider health and disability insurance to protect against income loss in case of injury or illness. •
If you handle any potentially sensitive data, or are conducting business online, you are vulnerable to a myriad of cyber attacks that target businesses consider adding a cyber insurance policy to cover you for any data breaches and a myriad of cyber attacks that target businesses , which targets business of all sizes.
Questions? Contact one of our experienced and knowledgeable advisors for professional advice and guidance on your insurance requirements.