Today, it seems that everyone has a side figure, which is basically just a good rebranding of what was called moonlighting . But today's moonlight often comes with a twist …. these gigs often mean you use your personal car or home to generate extra income. Whether it's running for Lift, releasing Amazon, delivering meals through DoorDash, renting your home via Airbnb or just taking advantage of the tourist influx during a big local event by renting out your home, five words: check with your insurance agent.
If your goal earns a little extra money, make sure you understand and are covered by potential risks. You may think you're covered by working for a third party, but if you hurt yourself or someone else while you work, if you hurt or lose someone's property or you have a loss for 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 guarantee or host insurance. At first glance, these can make sure they are adequate – $ 1 million liability coverage should suffice, right? But like most things, you have to read the fine print because there are conditions, limitations and exclusions that can cause you to be severely lost. You should not assume that your own homeowner's policy will provide coverage in a home rental scenario. The Insurance Information Institute says:
Standard owners and tenants insurance policies are designed for personal risks, not commercial risks. Some insurance companies now offer an insurance policy for household liability insurance that can be purchased monthly to month, but there may be exclusions and limitations, so carefully read the precautionary principle. If you plan to rent 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.  Ridesharing – Check with the service you contract for any coverage they can offer. States increasingly demand that third-party services provide little coverage, but again – there may be conditions, limitations, and exclusions that leave dangerous gaps in your coverage. And it is a mistake to assume that your own personal car insurance will cover you. The Insurance Information Institute says:
Usually, a standard personal car policy does not provide coverage for driving. A standard personal car insurance will stop providing coverage from the moment a driver logs into a TNC rider app until the moment the customer has left the car and the transaction is closed.
They also recommend:
Projective drivers should ask the TNC what level of coverage it provides. Drivers should also contact their own car insurer to deal with gaps, if any, in their liability protection. It is also recommended that TNC drivers review a copy of their TNC's insurance contracts so that they know the exact terms of the coverage.
Read more: Riding and Insurance: Q & A
These are just two common examples of so-called side bridges, but other income generating activities may require other types of coverage, such as product liability or home supply. Your agent can also help you assess whether there is enough coverage offered by a third party. If you are considering a side skull, give your independent insurance agent a call to talk things over.