Did you know that 25% of Americans have a side hustle business? That number equates to 57 million people looking to make additional income from a side business.
And while so many Americans are doing what they can to provide a valuable service to their communities in hopes of growing their bottom line, many are leaving themselves exposed to both personal and business liability by not having the proper insurance.
The number of side hustle owners who are going without having insurance is huge, as it is estimated that only 12% of these small business entrepreneurs have insurance coverage.
The reason most of them go uninsured is that the simply think they don’t need it.
The fact is…
YOU NEED TO INSURE YOUR SIDE HUSTLE!!!
Especially when you consider that 61% of part time businesses make less than $10,000 per year, any claim against you or your business could send you spiraling into bankruptcy.
Especially with new side hustle apps and services like Lyft and Airbnb, you need to consider all of the risks that you could face before you make the mistake of not having coverage for your side business.
What If You Run A Side Business From Home?
Many people who want to earn a side income decide to take on a “make money from home” approach to cut down the costs of their new side business.
Typically, they mistakenly believe that their homeowners insurance will cover them in case of liability.
In most cases, insurance companies do provide personal liability coverage with a homeowners insurance policy, but they tend to deny claims stemming from any business activity, whether from a home business or otherwise.
What If Your Side Hustle Is Online?
Selling from a website as a side hustle is something that has only gained popularity over the last 20 or so years. The legal system and governments have been slow to keep up with the rate of growth and change that the internet has created.
One of the things that has not kept pace is taxation, simply because the internet creates the ability to have an international supply chain with a very low overhead that can be set up with almost no budget over a weekend.
However, as we spoke about in an article about the dropshipping business, there are still dangers in having a side hustle online and not having the proper insurance.
If you’re customer receives a defective product, you could be liable for any and all injuries and claims brought against you by them. Without proper insurance, you would be looking at potentially coming out of pocket for court cost, hospital bills and damages.
It just doesn’t make sense to risk your financial well being to save a few hundred bucks a year.
Get Side Hustle Insurance Today
If you are operating a side business and need insurance call us immediately to get covered. You can also get an online quote here.
Even if you don’t think you make enough to need to insure your side business, having a basic general liability policy for you business could protect you from the risk of losing your personal assets.
Don’t risk it. Insure your Side business with the right coverage asap.
Travelers Insurance in Sept of 2018 reported $7.72B in revenue, which pales in comparison to Amazon's $52.89B last quarter.
Still, these two companies are giants when you consider the competition.
Amazon is the most valuable retailer in the US and the second most valuable public company in the world behind only Apple.
Travelers, also known as the travelers companies is the second largest writers of Commercial property casualty insurance and third largest persona insurance writer in the U.S.
So it only makes sense that these two giant's would team up to bring us the first ever digital storefront in the insurance industry at Amazon.com/Travelers...
And they've decided to incentivize those who participate in the history they are making.
For new or existing Travelers Home Insurance customers who are eligible, Travelers will provide a free Amazon Echo Dot.
This is in effort to promote Smart Home Kits that are available through Amazon, though purchase of a kit is not needed to get the free Amazon Echo Dot.
However, if you choose to get a Smart Home Kit you could also receive discounted rates through your Travelers Home Insurance Policy.
These Smart Home Kits are designed to protect homeowners from the most common causes of loss so your home is safer just by having one.
These smart home kits include:
You can pre-order the kits on the storefront and they will be released on Thursday.
If you are in the areas that are serviced by Ferguson Insurance Center, then unfortunately, you are not eligible for this offer just yet, though more states will be added to the giveaway soon.
Until then, be sure to get a Homeowners Insurance quote so that you can see how Travelers home insurance rates stack up against our other insurance carriers. (We have 30+ to choose from...)
Building A Smart Home: Cyber Security Concerns With Smart Home Kits
In recent years, cyber attacks have become a more common occurrence that it used to be. How will building a smart home affect the level of security you have?
Michael Klein, the executive vice president and president of personal insurance at Travelers said this...
"We suggest that customers read manufacturer's recommendations when using smart home devices to understand best practices for safely using these devices"
It also advised that you know how to handle a cyber attack and have a system for lowering the risks you face by resetting passwords regularly and keeping your eyes peeled for unauthorized transactions or suspicious activity on your accounts.
It still surprises me how often homeowners don’t know that there is personal liability insurance coverage on homeowners insurance.
Even more surprising, the people who know about the personal liability written into their home insurance coverage but don’t know what it helps them protect against.
The fact is that the personal liability coverage that you get when you buy homeowners insurance is actually very broad and covers you and your family from certain dangers.
In this article, we’ll dive into a few of the things that it covers...
Your homeowners insurance provides personal liability coverage for your family
Homeowners insurance protects the property but most don’t know that it also provides a very broad personal liability coverage as well.
This coverage typically applies to:
Your Homeowners policy covers some boats (but it varies)
Small, unscheduled boats may be covered under a homeowners policy. However, this liability coverage varies based on the size and type of boats and motors. This coverage is limited to certain situations and risks but when they are covered, your homeowners policy provides up to $1,500 of coverage for unscheduled watercraft.
Your homeowners insurance (may) cover “dead storage” and other types of vehicles
The keyword in this is “dead storage”. It’s very difficult to know what is legally considered dead storage. One leading legal dictionary says a vehicle is considered dead storage if the battery has been removed, however, there are many other legal definitions for dead storage that could be used in the case of liability or injury.
In most cases, Golf carts can be covered under your home insurance policy
Golf carts are covered when you live in a property with access to a golf course and you are using it properly.
These carts are protected unless they have been modified to be able to pass the speed of 25 mph, carrying more than 4 persons or outside of the legal boundary of the the golf course or it’s set points, which at times cross public roads.
If the you are a member of a private residential community and riding a golf cart on the communities public roads then your homeowners policy will cover that as well.
Your homeowners policy needs to be updated frequently.
If you make improvements to your home, have children that tend to break or damage things or if your policy is a few years old, you need to update your policy every so often.
Some insurers provide a special personal property coverage that allows you to cover “all risks” to property other than the home (floors, walls, windows and roof). They may cover personal belonging as well, which comes in handy when your 3 year old smears play doh in your fur rug.
Insurance agents can discuss your options but we do not recommend how much you need.
We are happy to discuss the coverage that you get when doing business with us. We want you to be informed and we want you to know exactly what you’re covered for, what you aren’t, and what you need to consider.
We also have an obligation, morally and ethically, to never make recommendations. We want to make sure you are covered properly but making recommendations could lead to some missteps.
We don’t know how much coverage will be enough in your specific scenario. The purpose of our service is to help you make an informed decision by letting you know what options you have and what each policy covers for you. The rest is up to you.
*several qualifications apply
AIG Insurance is one of the insurance carriers that Ferguson Insurance Center is authorized to represent, among many others.
We have seen a trend that people are asking more about the history of AIG, as well as searching for honest AIG insurance reviews.
To be fair, we decided to cover these topics, not from the standpoint of a company who sells insurance provided by AIG, but as a researcher who desperately wants to uncover as much about AIG as possible so that they can make an informed decision to do business with the right insurance carriers.
Along the way, I was both shocked and inspired by what I learned about the history of the company, which I’m sure will surprise many of you as well.
So without any more delay, let’s dive into it...
The History of AIG
AIG has a long an surprising history, including war and espionage. AIG Insurance history and founding read like a mystery novel. But first, let's start with something simple.
What Does AIG Stand For?
American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.
Where is AIG?
Aig has many offices and affiliate brokers and agents all around the world but the east coast headquarters is located in New York City, NY at 70 Pine Street with the west coast headquarters in Los Angeles, CA.
They also have important office locations in Atlanta, San Francisco and Stowe, VT
Who is AIG Owned By? Who Founded AIG?
One of the more difficult things to find is a single owner of a company the size of AIG. If you go according to AIG Stock price and information, the company is owned mostly (upwards of 91%) by investment institutions.
AIG was founded by Cornelius Vander Starr, who originally founded AIG in Shanghai, China on December 19, 1919. Then known as American Asiatic Underwriters, the first office in the united states opened in 1926, and the headquarters would eventually be moved to New York City in 1939.
Later, it was reported that he was also an Operative with the Office of Strategic Services which would lead to the creation of the CIA. These Secret Insurance Agents were written about in the Los Angeles Times back in 2000.
Currently, AIG is run by President and CEO Brian Duperreault, who was inducted into the Insurance Hall of Fame in 2011.
How Many Employees Does AIG Have?
As of December 31, 2016, AIG employed 56,400 people though wikipedia lists that number to down to 49,800 in 2017.
The company also has almost half a billion in total assets: $498.30 billion (2017)
AIG Insurance Products: Coverage & Policies
AIG Travel Insurance
AIG travel guard is a global travel insurance company that allows you to get AIG trip insurance to protect cancellations and delays. You are also covered with travel health insurance in case you have an emergency illness or injury during a trip.
AIG Auto Insurance
AIG car insurance offers broader coverage to help minimize risk. They offer high liability limits and new vehicle replacements so that you can protect your your most important possessions.
AIG Home Insurance
With AIG homeowners insurance, you can extend your coverage to 100% of the rebuild cost of your home, which means that you will be able to be fully covered in the situation that your home is completely lost from damages.
AIG Commercial Insurance
Insurance for business and enterprise customers is much more complex that personal insurance because they must insure against many different risks.
Each business needs to be covered from different risks based on what they do and AIG helps businesses get all of the protection they need for each unique scenario.
AIG Boat/Yacht Insurance
With AIG’s Private Client Group, you get the opportunity to get Yacht Insurance with people who understand the specific needs of yacht owners. AIG offers customized Yacht insurance coverage and loss prevention services to provide that ‘white glove’ level of service.
AIG Ratings & Reviews
Most people will end up reading reviews and looking up ratings while shopping online for insurance, so it only seems natural for this article to dive into the reputation of the company. Here's a look at AIG insurance ratings as well as a summary of the reviews that were found online.
AIG Insurance Rating
On the AIG investor relations page they list the company credit rating for S&P, Moody’s, and Fitch are that of Moderately risk in Senior Debt, Non-Life Financial Strength and Life Financial Strength.
The AIG insurance AM Best rating is an A, which means...
That means that AIG has a somewhat stable outlook when it comes to the companies financial stability. Great to know if you are an investor but for those who plan to buy insurance soon what is most important to know about AIG is that they are a very solid company and the coverage you get through them is going to be good for a long while.
AIG Insurance Reviews
Reading reviews on insurance can be a very slippery slope to climb. Why? You tend to only see bad reviews for certain industries.
Think about it...
When you go to a restaurant, you most likely are willing to review it whether you have a good experience or a bad one.
Not so in the insurance industry...
Outside of the occasional outstanding review here and there, most people will only review an insurance carrier if they have had a less than desirable experience with a claim.
Still, it’s important that you understand what you are potentially getting from the insurance carrier that you work with.
AIG travel insurance reviews
AIG travel insurance has many mixed reviews online, some sites give 1 star while others give 4.5 stars. How could you ever know what people are getting from their AIG travel guard insurance policy?
One of the key factors to understand is that buying insurance from someone who doesn’t specialize in insurance (i.e. Travel Agents, Travel Websites, etc.) is never a good idea.
Almost all of the bad reviews that I saw online during my research for this article come from someone who booked through a travel site or a travel agent, not a qualified insurance broker or agent.
You wouldn’t get a medical exam from a kitchen supply store because it doesn’t make sense. Same rule applies to travel insurance.
AIG Auto Insurance Reviews
AIG car insurance also had plenty of bad reviews on consumer affairs. The 2 star review came from what seemed to be quite a few complaints of long wait times during calls, and 5 star reviews from people who were long term customers of AIG insurance.
Mixed in with these reviews were several people who obviously were not familiarized with the coverage that they had purchased. Unfortunately for them, they purchased coverage from an agent who either didn’t inform them of what their policy covered or one who was incompetent.
AIG Homeowners Insurance Reviews
Again, consumer affairs gives AIG home insurance a 2 star review, although it seems that many of these reviews are positive but seem to have 3 star reviews instead of 5 stars.
Still, AIG has many complaints in this area.
AIG Business Insurance Reviews
There were not review for AIG business insurance available on Consumer Affairs. Having said that, AIG is definitely a go to for business owners policies, general liability insurance and workers compensation.
They typically offer very reasonable rates and provide highly comprehensive policies to cover business owners.
AIG Insurance Review Conclusion:
From all of the research that I’ve been through for this AIG Review, plus my years of experience in the insurance industry, I can tell you with complete confidence that AIG is a good company that has also had some low moments in its past with some of the customer service issues.
Here’s what I suggest if you plan to do business with AIG
Find an AIG Insurance Broker
Find an AIG insurance broker who has at least been in business for 5+ years. Many of the bad reviews that I saw online came from customers buying insurance from sales people who just aren't knowledgeable enough to sell them the right policies.
The best way to avoid that is to choose to work with an experienced Insurance professional only.
We’re An AIG Broker: 100% Certified!
With almost 30 years of experience in the insurance industry, we know how to avoid the pitfalls that many newer insurance brokers and agents struggle with. If you are looking for a new policy let us help you get it done right the first time.
Get A Quote
We work with over 30 insurance carriers so you won’t just get an AIG insurance quote, but many other competing quotes as well.
This allows us to get the perfect coverage for your home, car or business with the best rates you’ll find.
Get An Online Quote or Give Us A Call at 1(888)258-8808