Welcome to the gig economy, a place where workers are finding niches and developing businesses in new and clever ways. In the gig economy, the side hustle is the name of the game, and all traditional workplace boundaries are broken.
If you aren’t familiar with the gig economy, you’ve come to the right post. We’re here to give you a primer on how the gig economy works, as well as the gig gaps you should know about.
What Does the Gig Economy Mean?
For creative types, jobs are often called “gigs.” These are usually short-term — but sometimes long-term and extended relationship — projects or events. Thus, a gig economy is a marketplace whereby individuals can set their own rates and work on a case-by-case basis.
The Internet has made it easier than ever to take advantage of the gig economy by making it possible to instantly connect providers and services or products and consumers. Take Uber and Lyft, for example. Many non-professional drivers are getting into the idea of being part-time “cabbies” to make extra money on the side. They’re loading up on auto insurance — always make sure your policies offer enough coverage if you’re going to use your vehicle for work! — and earning during what would otherwise be their “off” hours.
As the gig economy continues to explode, more individuals at all levels are getting involved. The BLS hasn’t quite caught up in terms of being able to quantify the gig workers across the nation, but it’s safe to say that they are in practically every city. You might be one yourself. If you are, try not to fall into the gig gap.
What Is the Gig Gap?
Are you running your own business, such as offering network marketing? You’ll want to fill in all the holes, or gaps, that might trip you up. This includes business insurance.
Many gig workers seem to fall innocently into gigs. When their gigs take over and offer full-time income potential, they just “go with the flow,” never thinking about consequences. However, when you’re a gig worker, you are essentially a business owner. That means you have to think like one.
Whether it’s looking into business insurance for your professional gigs to cover you in cases of liability or loss, or it’s a matter of making sure your homeowner’s insurance works when guests from Airbnb are staying in your home for a few weeks this summer, you owe it to yourself to protect your assets. The money you get from gigs can fly out the door fast if you aren’t prepared.
With a swelling gig economy, it’s more likely than not that you or someone you care about is going to enter the world of gigs sooner or later. Be sure to let Strock Insurance guide you in finding the best business insurance when you do.