Protect your side business

You’ve built a nice little income stream. Maybe you're taking photography gigs, selling thrifted clothes on Carousell, or running a home-based baking business. But what if something goes wrong? Broken equipment? Spoilt delivery? A stolen camera? Don't let one mishap wipe out your hard work.

Protection matters, even for small side hustles.

Insurance might sound like something only big companies need, but even small gigs come with risk. Protecting your tools and income can save you from future headaches.

Example:

Jason earns $700 monthly doing freelance video work. After accidentally spilling a drink on his camera while driving, he had to fork out $2,000 to replace it. 

Protect like a boss:

1. Cover your tools: Got an expensive laptop, camera, or mixer? Unfortunately, there aren’t many options when it comes to equipment insurance. Your best bet would be to purchase extended warranties to cover damages.
2. Understand home business rules: If you’re running a home business from your HDB flat, make sure you’re complying with the rules and regulations. You don’t want to risk getting shut down or having to pay a fine.
3. Get the following insurances (depending on your side business):
   • Income protection/disability income insurance — This protects your income if you’re unable to work due to illness or injury.
   • Personal accident insurance — This covers medical costs beyond MediShield Life. This is crucial if your side business involves a lot of physical activity and travel.

Quick note: Some side hustle platforms offer free coverage for work injuries and medical leave benefits.