The Importance of Insurance for Gig Workers & Freelancers

The gig economy is booming. From freelance designers and rideshare drivers to consultants and content creators, it’s becoming more common for people to choose a more flexible workflow over traditional 9-to-5 jobs. According to the U.S. Bureau of Labor Statistics, nearly 40% of the U.S. workforce now participates in some form of freelance or gig work.

While this type of work offers freedom and independence, it also comes with unique risks, especially when it comes to protecting your property and overall income. That’s where the right insurance coverage comes into the picture.

Your work may look different from a typical job, but that doesn’t mean it’s any less critical. Whether you’re working on a side project or freelancing full-time, we’re here to help you stay covered and prepared.

Many freelancers and gig workers assume that personal insurance policies, like auto, renters, or health, are enough to protect them. But the reality is that you may need additional coverage to protect your business once you earn money from your work.

Without the proper coverage, one accident, legal issue, or equipment failure could put your entire side gig at risk.

Here’s why insurance is essential if you’re working independently:

• You’re your own safety net.

  • If something goes wrong, it’s up to you to handle the fallout. Insurance helps create a safety net that gives you peace of mind while you work.

• Your work tools aren’t always covered.

  • Most personal property policies (like renters or homeowners insurance) don’t cover equipment used for business. So, if your laptop, camera, or vehicle is damaged or stolen while on the job, you might be out of luck unless you have a policy tailored for business use.

• Clients may require coverage.

  • Some freelance contracts require liability insurance. Specifically to protect you if a project goes sideways.

At Gooding Brown & Company, we take the time to understand your unique needs and match you with coverage that fits both your work style and lifestyle. Whether you’re a full-time freelancer or juggling multiple gigs, we’ll help you find insurance policies that make sense for your work and your budget. Here are a few types of coverage you might want to consider:

Commercial Auto Insurance: If you drive for a rideshare company, deliver food, or use your car for business, a personal auto policy likely won’t result in enough coverage to cover the event of an accident.

Business Property Insurance: Covers your tools, equipment, or technology in case of theft or damage.

Health, Disability, or Life Insurance: We can help you explore individual policies that protect your income and your loved ones.

If you’re a freelancer or gig worker looking to protect your income, equipment, or future, we’re ready to chat with you! Your most valued possessions deserve protection; we’re here to ensure their safety.