With the UK in the midst of a cost of living crisis, it seems that many of us are turning to side hustles in order to make ends meet. Whether its cat sitting, print on demand etsy stores or completing surveys online - thousands of people every day are turning their attention to new and innovative ways to top up their earnings on the side.
As someone with several side hustles, I'm a big fan of any opportunity to make a bit of extra cash but one thing to be aware of is the need to ascertain whether your side hustle requires valid insurance as nobody wants to be caught out and end up in hot water. As well as this, showing your clients or customers proof of insurance can go a long way in demonstrating your businesses professionalism and credibility as well as offering peace of mind to customers and highlighting you as the right choice of provider. They will know that they're in good hands with an insured business. Depending on your industry, you may also find that contracts or registration with governing bodies requires proof of insurance before work can begin or before you can be listed as a service provider.
So how do you find the right insurance for your needs and is there a foolproof way to find the best deal? Whether its tradesman insurance or complementary therapy cover you're after, read on to discover my top tips for finding the best deals.
* Find the right kind of insurance cover - do you need small business insurance? Are you working in a public environment and therefore require public indemnity insurance? The first thing is to ensure that the cover you're paying for is adequate for your needs. Spend some time researching the right cover for your business needs and be sure not to cut corners.
* Use comparison sites and then search beyond them - insurance comparison websites can be a really useful tool for getting a lot of quotes all at once, so be sure to use them to compare deals but don't forget to double check with companies who don't appear on comparison websites as they often have great deals which can beat those that do appear in results. Its worth the extra time to conduct a thorough search.
*Speak to other businesses - if you're part of a community of crafters, complementary therapists, etc then chances are your contempories will be able to offer advice on the best insurance providers on offer - as well sharing experiences with those who are perhaps best avoided. Asking around can often also lead to introductory refer-a-friend deals which can be really beneficial too.
The right insurance will protect you from losses due to damage or theft, claims due to injury or client dissatisfaction, and from non-payers - so it's well worth ensuring that you have adequate cover in place before trading or offering your services.
I hope that your side hustles are successful and that your insurance is never needed but it's always better to be safe than sorry.
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