The New Year often brings a sense of ambition, making it the perfect time to set goals and dive into new challenges, such as starting a side hustle. Starting a side hustle is often a New Year’s resolution that many people turn to, as they are inspired by the idea of a fresh start that the new year represents. In fact, 30% of workers in Canada reported starting a side hustle in 2024.  

How can I easily make extra money from home?  

According to Indeed, there are several simple ways to make extra money from home. A lot of people who start a side hustle still work a full-time job – meaning they are looking for easy ways to beef up their bank accounts with minimal effort.  

We’ve listed a few of the most popular, profitable, and easy side hustles below that you can do from home.   

Become a virtual assistant

A virtual assistant is an individual who provides administrative, technical or creative support to clients remotely. Check LinkedIn for job postings!  

Start pet sitting

Live in an apartment or condo building where many of your neighbours have furry friends? Post an ad on your building’s Facebook page or bulletin board offering your services.  

Become a social media manager for small businesses

Reach out to local businesses in your area and pitch them your services. Try to come prepared with a portfolio of your work, so they can easily determine if you would be a good fit.  

Freelancing

If you have a special skill in a specific industry, a tried-and-true way to make some extra money is to do freelance work. There are several websites in Canada — such as Guru, Fiverr, FlexJobs, Freelancer.ca, Indeed, Peopleperhour, Upwork and Workmarket —   that allow you to advertise your services and search for jobs related to specific fields or areas of expertise.  

Do I need insurance coverage for my side hustle? Is my home-business protected under my home insurance policy?   

If you’re starting a side hustle from home, it’s crucial to understand the importance of protecting your passion project. The truth is, even if you’re running your business from the comfort of your own home, you can still face risks such as liability, property damage, and more. Without proper coverage, these risks could lead to a significant financial burden. Keep in mind that there are some activities that would void a policy – so make sure you consult with your insurance advisor to ensure you are suitably protected.  

The good news is your insurance policy may offer simple options to add coverage that is tailored to your needs. Typically, a personal home insurance policy provides coverage for the following, up to the coverage limits specified in your policy:  

Coverage for your dwelling

This covers your home as well as structures that are attached to it, such as a deck or garage.  

Detached private structures

The typical home insurance policy also covers structures that are separate from your home, but are still on your property, like a detached garage, tool shed or fence.  

Liability coverage

Home insurance policies provide liability coverage to protect you if someone not living with you is injured on your property.   

Personal property

Home insurance provides coverage for your valuable personal belongings in your home. If your household appliances and treasured possessions are stolen, damaged or lost, you will be covered.   

As mentioned previously, you might need to add endorsements to your home insurance policy if you are generating income from a business on your property. For example, if your business has inventory, or you host clients at your home, you may need additional coverage. These enhanced coverage options, also known as “add-ons”, provide complementary protection to your existing policy.   

It’s a good idea to speak with your insurance agent to discuss how to protect your home business and anything stored there. For the purposes of this article, we’ve listed some potential coverage options that might be available to you, below.   

What additional coverage options are available to protect my home business?  

Some insurance companies in Canada will offer coverage for home-based businesses through an endorsement. Some of the common types of coverage include: 

• Business Property: Providing coverage for contents used for your home business. 

• Loss of Business Income: Loss of income coverage compensates you for lost income while your business operations have been temporarily interrupted due to an insured loss. 

• Liability Coverage: Basic liability in case of bodily injury or property damage to a third party due to home business operations. 

With that being said, it’s important to note that some side hustle businesses are not eligible for endorsements. Speak with your local agent to learn more.   

Protect your business, protect your dreams  

Starting a side hustle is an exciting journey, filled with opportunities to turn your passions into reality. New opportunities also bring a series of new responsibilities, such as protecting what you are building. With the right insurance coverage, not only can you mitigate potential risks, but you can also ensure your business is able to thrive and grow in the midst of potential unexpected setbacks.   

 Whether you are crafting homemade goods, consulting from your home office, or launching an online boutique, your insurance professional can help you find the right coverage for your needs to protect your business and provide peace of mind.   

Disclaimer: This information and the websites referenced are provided for your convenience only and should not be construed as providing legal or insurance advice. Allstate does not control or guarantee the accuracy of any content on any third-party site.  Allstate is not responsible for the privacy practices of any third-party site.