As Gen Z plans an early and flexible path to financial freedom, they’re replacing traditional corporate careers with side hustles, freelance ventures and entrepreneurial work. 

A recent Harris Poll found that nearly all Gen Z’s (94%) want to be financially independent by age 55, and some are aiming to achieve it way earlier, around age 32. Interestingly, 43% don’t see traditional 9-to-5 jobs as the way to get there but believe side hustles are the pathway to financial stability. 

Although working for yourself brings freedom, it also brings responsibility—and having to consider protections like small business insurance. It might not be the most exciting topic, but having the right coverage can make all the difference when the unexpected happens. 

A Side Hustle Revolution for Retirement 

Side gigs may grant more freedom, but they come with trade-offs.  

Unlike a regular job, independent contracting doesn’t usually come with benefits like health insurance or a steady paycheck. So, you’ve got to be smart about your money, whether it’s through careful budgeting, having savings for an emergency, or having multiple income streams to keep you financially afloat if one gig slows down. 

And it’s not just about money—running your side hustle also brings legal and operational risks like accidents, legal headaches, or equipment getting damaged. For anyone serious about their side hustle, small business insurance is a safety net every smart hustler needs in their plan. 

Why Side Hustlers Need Small Business Insurance 

Running a side hustle or small business means dealing with surprises—like a client slipping during a meeting, your gear getting broken or stolen, or even someone claiming you didn’t deliver on promised services. These incidents can hit your wallet hard and put your business at risk if you’re not covered. 

That’s where small business insurance steps in. It’s there to help with legal fees if issues pop up, cover medical costs if someone gets hurt, or replace damaged equipment. But beyond money, having insurance shows your clients you take your work seriously and can be trusted. 

Whether operating as an independent contractor or through an LLC, securing this type of coverage is a prudent step for safeguarding your business. 

In short, small business insurance isn’t about expecting things to go wrong; it’s about being ready if they do. Some solid options include: 

• The Hartford: The Hartford offers many small business insurance options, including general liability, commercial property, business owners’ policy and workers’ compensation. They provide specialized coverage for home-based businesses and multinational operations, making sure getting insured and filing claims is easy with online quotes and digital claim services. 
• Next Insurance: Next Insurance aims to make insurance simple and affordable for small businesses. You can quickly get coverage that fits your needs, like general liability or workers’ compensation, starting at about $19 a month. Their easy online platform lets you shop, buy, and handle claims hassle-free. 
• Simply Business: Simply Business is made to help small business owners find and buy the coverage they need quickly and easily, starting at $20.75 per month. It offers a variety of policies, including general liability, professional liability, and workers’ compensation, tailored to different industries and business sizes. 

Bottom Line 

Gen Z’s strategy of using side hustles as a lifeline to retirement is full of potential. These digital-native entrepreneurs are rewriting what a typical financial journey looks like and redefining what a future of wealth looks like for them.  

But independence without protection can be a gamble, making small business insurance a crucial part of any side hustle plan. It safeguards your work, future, and freedom. Equip your hustle with insurance, and you’ll be doing more than earning—you’ll build a legacy.