Around 44 million Americans have taken up what’s known as a side hustle. The number of people getting these extra jobs to supplement their income includes about 40 percent of all millennials in the U.S. Side hustles can go a long way to making us feel more financially secure. The added income acts as a safety net, especially as people are increasingly moving into densely populated, rent-expensive cities.
That said, there are certain risks associated with our treasured side hustles, especially if they require personal or specialized property. For example, freelance photographers need expensive cameras, and ride-hailing drivers need a working vehicle. Even the less tech-heavy side jobs, like freelance writing or editing, may require a computer and even a backup computer just in case things go wrong. Some of that property will be covered by traditional insurance, such as auto or renters insurance, but you may need to consider getting other types of coverage.