How Life Insurance Protects Your Adult Children

In today’s world, many people have a side hustle or other activities that generate additional income. However, the term "side hustle" can be misleading. It’s not just a way to make extra money. In many cases, it’s a business. You might wonder, is my side hustle a business? If so, what should I do? Let’s delve into when a side hustle becomes a business and why you need commercial insurance to protect yourself and your income-generating endeavors. When you’re ready to find commercial insurance for your business, we’re here to help at The Insurance Outfit in Chester, NJ.

When Does a Side Hustle Become a Business?

A side hustle is any activity that generates income, and in most cases, it’s a business. But why is this? Anything that makes money very inconsistently might be considered a hobby, but even then, it’s a fine line. Once you make $400 through your side hustle and need to report your income to the IRS, your side hustle has likely evolved into a business. A business is a serious endeavor, whether or not you realize you have one. Protect yourself through incorporation, learn more about your obligations under New Jersey and federal law, and purchase commercial insurance to defend yourself against liability claims, property damage, and more. The sooner you take action, the better off your new business will be!

Protect Your Side Hustle With The Insurance Outfit

Your side hustle can pose a significant liability if you don’t have the proper safeguards. Now’s the time to get commercial insurance with the support of us here at The Insurance Outfit in Chester, NJ. Contact us or compare quotes now!