Side hustles are booming in South Africa. From baking bespoke cakes to fixing computers in your garage, everyone seems to have something extra going on. And why not? With the rising cost of living, having a side hustle is no longer a luxury; it’s a survival skill.
But while you’re perfecting your craft and reaping the rewards, have you thought about what would happen if something were to go wrong? Like, what if your baking equipment suddenly malfunctions? What if your home salon floods? For all that and more, the king has your back. Here’s a closer look at insurance for your side hustle.
Why side hustlers need insurance
You, like so many others, might be living and working under the assumption that because your side gig is small, you don’t need insurance. But here’s the thing: even the smallest businesses face risks. And when you don’t have the financial backing of a big company, a single unexpected event can derail your entire operation. In short, you can go from having a side hustle to pay for all your extras to pulling your kids out of swimming and cancelling your gym membership in the span of a month.
At King Price, we believe that every hustle deserves our royal protection, which is why we’ve put together a breakdown on exactly how we can help to safeguard your side business.
1. Cover for your essential tools
Even the most basic of side hustles requires some kind of equipment. So, take a second to think of your own tools of the trade… It could be your iPad, a professional camera, a sewing machine, or DJ equipment. These items are your lifeline, so what would you do if they were stolen, damaged, or lost? The simple reality is that without insurance, replacing them could set you back months.
In steps our super affordable portable possessions insurance, perfect for these items that you take out and about with you when you’re on the job. This way, if the worst happens, you can continue running your business without skipping a beat.
2. Accidents happen
Let’s say you run a home-based business, and a customer slips on your driveway while picking up an order. Or you create an ad with a few mistakes that end up losing your client customers and income. Sure, these are accidents, but if your customer decides to sue, you could be looking at legal fees that wipe out your profits and plunge you into debt.
That’s why our business insurance includes liability cover, so that 1 accident won’t bankrupt your business.
3. Protect your inventory
If you sell physical products, your stock is everything. Whether you’re running an online clothing store or selling handcrafted jewellery, fire, theft, or flooding could mean a total loss of income. Imagine for a second that you live in KZN and your business creates and sells linen aprons (it’s a thing, apparently), but with all the rain, you didn’t notice a leak had dripped its way into your fabric stock, ruining a key component of your linen apron empire.
That’s just 1 example, but there’s also theft, loss, and other kinds of mishaps that could hamper your hustle from growing into something way more successful.
If you’ve got the king’s business insurance, we can insure your stock and ensure that if the unexpected happens, you’ll be able to bounce back quickly.
4. Keep your digital business safe
It used to be that if you ran a small business, even the tiniest of side hustles, it was a physical thing. But actually, so these days so many side hustlers operate online, whether they’re offering consulting services, freelancing, or selling their actual products. It’s been a phenomenal alternative to opening up a store or turning your garage into a shop on the weekends.
The problem is that cybercrime is on the rise, with cyber criminals eagerly looking for ways to steal your customers’ credit card details, personal info, and more. What you need is the king’s cybersure, a cyber insurance policy specifically designed to protect your business from data breaches, fraud, and ransomware attacks.
This is the year of thrive
You’ve worked hard to build your side hustle, so don’t let 1 mishap bring it all down. We’ve worked diligently to bring insurance solutions that can be tailored for side hustlers like you to the South African entrepreneurs market. Our goal is to work with your broker to give you the cover that your business needs, so you only pay for what you need and can focus on growing your business instead of worrying about what could go wrong.
Thinking of giving your side hustle the royal treatment? Chat with us today to explore insurance options fit for your small business.