Today's job market has been slowly transforming for quite some time. Advances in technology and automation have rendered certain jobs obsolete while simultaneously creating new ones. Workers no longer aim to work at one company for the bulk of their career but often join a company for a few years before shifting to the next opportunity. And LinkedIn has changed the way one can apply for a job, how an employer can analyze an applicant's past history and more. One of the most significant changes in the job market is the rise of the "side hustle." Whether it's to earn some extra cash on the side or pursue an area of passion, more people today are juggling full-time jobs with a side hustle or leaving their job to commit entirely to their side hustle with the hopes of running their own business. Some well-known examples of this are Uber and Lyft drivers, babysitting and blogging, among others.

Market potential

Workers who participate in side hustles are a part of the "gig economy," and the numbers show there are a lot of participants. Forbes reported last year that approximately 57 million people are in the gig economy, though it's very possible the number is much larger as the Bureau of Labor Statistics doesn't have an explicit definition for a gig worker or a formal way of tracking them. Side hustles that eventually turn into small businesses also have serious insurance implications. Small businesses often lack an adequate amount of coverage. If they were held liable for a defective product or their business operations were disrupted by a cybercriminal, they could struggle to recover. Additionally, this also presents an opportunity for agents, brokers and carriers to tap into a market that is likely to grow in the coming years.

Methodology

There are a lot of questions surrounding the transition from side hustle to a full-time job. Hiscox wondered what motivates people to take this leap of faith and how long it takes before they're ready to make this move, among other questions. To answer these questions, the 2019 Hiscox Side Hustle to Small Business study surveyed 400 small-business owners whose businesses began as side hustles, meaning while employed full-time at another company or business. The survey was conducted between Dec. 13 and Dec. 21, 2018, using an email invitation and an online survey. The findings provide important insights that may prove especially valuable to those entrepreneurs who are charting their own course. With this in mind, explore our slideshow above for insights on making a side hustle a small-business opportunity. Related:

• Gig workers would welcome some financial advice
• How insurance technology supports gig economy workers
• How the gig economy can shore up the insurance talent crisis