More people than ever are thinking about starting their own business, and the side hustle trend is booming – especially among younger generations. In fact, nearly a third (30%) of 18-34 year olds say they’d love to start a business in the future, while over half (52%) of 18-24 year olds are already running a side hustle alongside their main job.
For many, it’s about turning a passion into a source of income. The flexibility to work from home, pursue creative projects, and be your own boss is powerful motivation. However, young entrepreneurs also cite insecurity, burnout, and the burden of admin as the main downsides.
Whether you’re running an online shop from your kitchen table, offering consulting services from your living room, or starting a freelance side gig, it’s important to understand your insurance needs – both to protect yourself and to help your business grow with confidence.
Why insurance matters for side hustles and home-based businesses
It’s a common misconception that working from home means you’re automatically covered by your existing home insurance. In reality, most standard home insurance policies won’t cover business activities, equipment, or client visits. That leaves gaps in protection that could cost you if something goes wrong – such as damage to your business equipment, a customer injury, or a cyber-attack.
The main types of insurance to consider
1. Public Liability Insurance: If clients or couriers visit your home for business reasons, this covers you if someone is injured or their property is damaged.
2. Business Equipment Insurance: Your laptop, camera, or specialist tools may not be covered by home contents insurance. Business equipment insurance ensures you can replace vital kit quickly.
3. Employers’ Liability Insurance: If your side hustle grows and you hire help – even just one person. This is a legal requirement in many cases.
Tips for getting covered
• Be upfront with your insurer: Tell your home insurer about your business activities. They may adjust your policy or recommend a specialist provider.
• Tailor your cover: Choose insurance that matches the size and nature of your business.
• Stay flexible: As your business grows, regularly review your cover to make sure it keeps up with new risks and opportunities. Starting a business or side hustle from home can be hugely rewarding, offering freedom and the chance to shape your own future. With the right insurance in place, you’ll not only protect yourself from unexpected setbacks, but also build a foundation for business growth.
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Please do get in touch if you would like to know more about how we can support you and your business.
This article was adapted from an article by Zurich which can be found here.
