Side Business Boom!

Members of Generation Y, also known as millennials, are an enterprising bunch. According to statistic, 35 percent of workers under the age of 31 have started a side business to supplement their income. Millenials are multitalented, and may be more eager to use their varied skills in different capacities than previous generations. They are independent thinkers, and may relish the opportunity to be self-employed. Or, more likely, they have found that in today’s economic climate, one job is simply not enough. In any case, side businesses are booming among those in their late twenties and early thirties.

In other age brackets, the percentages of those who are self-employed vary, but there’s no doubt that many people are starting side business ventures, often out of economic need. While they are often both fun and profitable, such business ventures may also present a range of new risks.

Liability: A business is liable for injuries to its employees, customers, or vendors that occur on the company premises or off as a result of the company’s negligence. A business is also liable for product-related problems due to defective merchandise or inadequately performed services.

Business Interruption: If a business suffers a loss, such as property damage, it may be forced to shut down for a period of time. Unless there is insurance to cover business interruption, this break in business can be financially catastrophic.

Vehicle usage: Using your personal vehicle for business, say deliveries, may cause a claim to be denied if you get into an accident.

Hackers and Technological Issues: Many businesses are heavily reliant on their websites to function, but hackers, viruses, and other issues can seriously disrupt their Internet presence.

Coverage for Side Businesses
Millenials and others are sinking much of their savings into side business ventures. Insurance helps side businesses to succeed by reducing uncertainty, so the bold entrepreneurs that start them can focus more on making them thrive. Give us a call to review your needs.

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