Call Us (518) 464-0059 ☰ ˟
Referral Rewards Request A Quote
Ten Eyck Group

(518) 464-0059
  • Home
  • Coverage
    • CommercialImage of right arrow
      • Employment Practices Liability
      • Financial Services
      • Special Events Insurance
      • Group Health
      • Business
      • Airbnb
      • Business Interruption Insurance
      • Cyber Liability
      • Bonds
      • Workers Compensation
    • Personal Image of right arrow
      • Homeowners
      • Automobile
      • Personal Umbrella
      • Condominium
      • Recreational Vehicle
      • Flood
      • Renters
      • Motorcycle
      • Uninsured/Underinsured Motorist
      • Health
      • Life
      • Boat
  • Get A Quote
    • Airbnb
    • Automobile
    • Boat
    • Bond
    • Business
    • Classic Car
    • Condo
    • Disability
    • Flood
    • Health
    • Homeowners
    • Jet Skis
    • Life
    • Long Term Care
    • Motorcycle/Recreational Vehicle
    • Non-Owned Auto Quote
    • RentersImage of right arrow
      • The Vicina Urban Flats
      • The Industrie Apartments
      • The News Apartments
  • Customer Service
    • Customer Service
    • File A Claim
    • Make A Payment
    • Policy Review Request
  • Blog
  • Resources
    • Claims Corner
    • COVID-19 Resources
    • Important Links
    • Newsletter Archive
    • News Center
    • Refer a Friend
    • Secure File Area
    • Video Library
  • About Us
    • About Ten Eyck Group
    • Careers at Ten Eyck Group
    • Community Involvement
    • Meet The Team
    • Our Office Location
    • Our Reviews
    • Privacy Policy
    • Your Trusted Choice Agency
  • Contact Us
    • Contact Us
    • Join Our Newsletter
Commercial
Insurance

Minimize your risk with the best options

Personal
Insurance

Get the right coverage at the right price

Life & Health
Insurance

Protecting you for life, disability and long term care

Group
Benefits

Superior service to fit your needs

Surety
Bonds

Let our expertise guide you

Home > Blog > The Millennial Minute: Protecting the “Side Hustle”
WEDNESDAY, APRIL 19, 2017

The Millennial Minute: Protecting the “Side Hustle”

By Greg Barcomb

Some call it a side hustle, or a start-up, or a side project….but at some point we are talking about a business.  From Facebook in a dorm at Harvard, or Apple in a garage in California, some of the largest companies in the world started out with an idea and a dream.  But for every Apple or Facebook, there are hundreds of others that don’t quite make it out of the garage.  A study by the Small Business Administration showed that 50% of businesses fail during their first year.  Many fail due to things out of their control.  You can’t control the marketplace, trends, or the weather, but what you can control if you chose to, is risk.  As a mentor once told me “work only to control the controllable”.  

Starting a business is risky; there is no question about it.  But if you believe in your product and yourself as a business owner, the risk is well worth it.  The entrepreneurial spirit is what built this country and continues to make it great!  So take the leap!  Just do the due diligence to know how what kind of leap you are taking and what’s at risk.  

The best place to start is to take a look at the insurance policies you may already have in place.  If you are operating out of your home or apartment it is crucial to know how your homeowners, renters or auto insurance policy would respond to situations involving your new business.  In most cases these policies will offer little or no protections for your business pursuits.

One simple question you need to evaluate whether you are running the entire business from a laptop and cell phone or have other equipment specific for your business.   If that equipment or business personal property were destroyed or stolen most homeowner policies would limit coverage or exclude coverage altogether.  

What about visiting clients?  Most homeowner policies exclude third party liability claims resulting from at home business operations.  So let’s say we practice the risk management technique of avoidance, and just don’t have clients to our house.  We go meet them.  Do you know how your auto policy would respond if you were in an accident while going to visit a client?  The insurance carriers view these kinds of accidents different than if you are in an accident going to the grocery store.  Again we might have a gap in coverage you thought you had insured.  

The homeowner, renters, and personal auto policies exist as safety nets to protect you as an individual, not you as a business.  In fact some policies even consider operating a business out of the home a violation of policy terms and could void all coverage.   So what do you do? What insurance do you buy?  It’s different for everyone and every kind of business so you need to talk to someone about what the options are.

As Murphy’s Law tells us- what can happen, will happen; and as a new business the difference between a lifetime of success and not making it through the first couple years could be some simple early conversations about managing risk.

Contact Ten Eyck Group today at (518) 464-0059 for all of your Albany insurance needs!
Posted 6:50 PM

Tags: the millennial minute
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015

  • ten eyck group(38)
  • business insurance(19)
  • home insurance(17)
  • auto insurance(14)
  • car insurance(11)
  • covid-19(6)
  • insurance(6)
  • the millennial minute(6)
  • cyber liability insurance(5)
  • health insurance(5)
  • flood insurance(4)
  • life insurance(4)
  • protection(4)
  • commercial insurance(4)
  • coverage(4)
  • homeowners insurance(3)
  • motorcycle insurance(3)
  • bop insurance(3)
  • surety bonds(2)
  • rideshare insurance(2)
  • albany life insurance(2)
  • albany motorcycle insurance(2)
  • bonds(2)
  • renters insurance(2)
  • boat insurance(2)
  • albany flood insurance(2)
  • professional liability insurance(2)
  • general liability insurance(2)
  • antique car insurance(1)
  • long term care insurance(1)
  • college graduate insurance(1)
  • driving record(1)
  • cyber bullying(1)
  • crime coverage(1)
  • albany life insurance policy(1)
  • albany business interruption insurance(1)
  • travel insurance(1)
  • albany car insurance(1)
  • new york cyber liability insurance(1)
  • albany condo insurance(1)
  • snowmobile insurance(1)
  • cyber threats(1)
  • personal insurance(1)
  • actual cash value(1)
  • replacement cost(1)
  • flood zones(1)
  • albany auto insurance(1)
  • president's circle(1)
  • rv insurance(1)
  • new york(1)

View Mobile Version

Featured Carriers

  • Acadia Insurance
  • Aflac
  • Allianz
  • AmTrust
  • Andover
  • CDPHP
  • Chubb
  • CNA
  • Dryden
  • Encompass
  • Erie and Niagara Insurance Logo
  • Great American
  • Guardian
  • The Hartford
  • Hanover
  • Highmark Northeastern New York Logo
  •  
  • Liberty Mutual
  • Main Street America
  • Merchants
  • MVP Health
  • Nationwide
  • NYCM
  • perma logo
  • Philadelphia
  • Progressive
  • Pure Insurance
  • logo
  • Travelers
  • Utica National
  • Vermont Mutual Insurance Group
LinkedIn
Google+
Get Directions
Contact Us Today
Have Questions?
Contact Us
Resources
Our Products
Customer Service
Payment Options
Report a Claim
Newsletter
Video Library
About Us
Refer A Friend
Our Carriers
Trusted Choice Agency
Blog
Contact Us
Contact us 1924 Western Avenue
Albany, NY 12203

Ph: 518.464.0059
Fx: 518.456.7076

Logos
© Copyright 2021. All rights reserved. Powered by Insurance Website Builder.
Trusted Choice