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More than one-third (38%) of millennials are pursuing an entrepreneurial side business, compared with 26% of Generation X members and 11% of baby boomers, according to a 2018 survey by Liberty Mutual Insurance.

Yet, 54% of millennials with a side hustle don’t have insurance other than their homeowners or renter’s policy, the poll found.

The reason: lack of knowledge. Of those surveyed, 40% of millennials said additional coverage never occurred to them.

“Small-business owners, especially those that are embarking on a new business for the first time or a side hustle, there are so many things to manage ... so many balls in the air, insurance is not always top of mind,” said Tyler Asher, president of independent agent distribution at Liberty Mutual Insurance.

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