Gig work is a fitting choice for those seeking to be their own boss, but with this flexibility comes a lack of security that, if things go wrong, can leave these workers floundering. Planning out ways to protect themselves and their clients saves both parties from a good job going bad.
For the more than 70 million gig workers in the U.S., passion, a flexible schedule and prioritization of personal choices are the top reasons this population chooses to work independently, according to Finance Online. The number of Americans seeking this lifestyle has steadily increased over the past six years, and is expected to reach 90 million by 2028, with the majority gravitating toward jobs in recreation, construction and business services according to financial platform Finmasters.
However, this population is also at risk of being taken advantage of by predatory employers — in fact, The Federal Trade Commission announced a crackdown last September, after observing unfair practices including deception about pay and hours, unfair contract terms, and anti-competitive wage fixing were issues among the gig population.
Independent contractors can help keep themselves (and their clients) safe by knowing the ins and outs of insurance, cyber protection and having a well-written contract, advises Tyler Peterson, head of professional risks at small business insurance provider Hiscox.
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