Today it seems as if everyone has a side throw, which is essentially just a nice new label of what was previously called the moonlight . But today's moonlight often comes with a twist … these gigs often mean you use your personal car or your home to generate extra income. Whether it's driving for Lyft, leaving packages for Amazon, delivering meals via DoorDash, renting your home via Airbnb or just taking advantage of a tourist entry during a major local event by renting out your home, five tips: check out with your insurance agent.
If your goal is to make some extra money, make sure you understand and are covered by potential risks. You may think that you are covered by working for a third party service, but if you injure yourself or someone else while working, if you injure or lose someone's property or if you lose your own property, you may be alone. Here are just two examples:
Home Rental ̵
Some services, such as Airbnb and VRBO, offer programs such as host guarantees or host liability insurance. At first glance, these may seem sufficient – a $ 1 million liability protection should be enough, right? But like most things, you need to read the fine print because there are conditions, limitations and exceptions that can put you at risk of serious losses. You should also not assume that your own homeowner will provide coverage in a rental scenario. The Swedish Insurance Information Institute says:
Standard insurance for homeowners and tenants is designed for personal risks, not commercial risks. Some insurance companies now offer liability insurance that can be purchased from month to month, but there may be exceptions and limitations, so read the insurance carefully. If you plan to rent out all or part of your home regularly, many companies will consider this a business use and you may need to purchase a business policy – especially either a hotel or a bed and breakfast policy.  Riddelning – Check with the service you agree with for any coverage they can offer – states increasingly recommend that third party services provide some coverage, but again – there may be conditions, restrictions and exceptions that leave dangerous gaps in your coverage. And it is a mistake to assume that your own personal car insurance covers you. The Swedish Insurance Information Institute states:
They also recommend:
Prospective drivers should ask the TNC what level of coverage it provides. Drivers should also contact their own car insurance company to address gaps in their liability protection. It is also recommended that TNC drivers review a copy of their TNC insurance policies so that they know the exact terms of coverage.
Read more: Riding and insurance: Questions and answers
These are just two common examples of so-called side adjustments, but other income-generating activities may require other types of coverage, such as product liability or home business coverage. Your agent can also help you assess whether coverage is offered by a third party. If you are considering a side position, call your independent insurance agent to talk about things.