Event Insurance here in the Philippines has neglected by some organizers or business owners until the pandemic happened last year. Because the health crisis caused by COVID-19 affect our country’s economic state, many events got canceled. And with that, many businesses also closed, and people find it difficult to back up what was lost financially.
But despite those downfalls, many millennial entrepreneurs are still hopeful and determined to start their own business and earn more. 2020 gave our passionate people more time to think about the best trends and strategies to make an income out of it. So this 2021, here are the best online business trends for millennials and why Event Insurance is important:
Online Food Business
One of the expenses that kill the budget is the rent payment. Some business owners have no choice but to shut down their establishments because of the new way of doing dine-in services. But one thing that never dies during the pandemic is the love of food. That’s why many young entrepreneurs took advantage of their social media resources and make the food closer to online consumers.
From homecooked meals to tasty desserts, the online food business is considered one of the hottest trends for many netizens. And Millenials are still eager to start walking on that path.
Online Selling
Whether you like it or not, many people are now seeing the potential of income through online selling. Whether in Facebook live or via online shopping platforms, there’s nothing more convenient than buying things using your gadgets.
E-commerce grew tremendously, especially during this pandemic where people are conscious to buy items at the mall. Millennials are now using this opportunity to turn their passion into a business. Most local online businesses today were owned by Millenials, so there’s no doubt that many people will still venture to have their online store this year.
Online Event Organizing
In the new normal, social events had reduced in number due to the safety health protocols. But it doesn’t mean social life is over. Last year, event organizers were creative in making intimate events, online meetings, and online concerts interactive and memorable. From drive-thru birthday parties to intimate weddings, event organizers are now innovating their services online to give clients peace of mind.
By 2021, many Millenials are getting new opportunities to be creative, passionate, and resourceful to earn more.
Why Event Insurance?
There were situations where online businesses encountered financial loss because of the COVID-19 pandemic. But there are also cases of online fraud and liabilities that led to certain bad events to happen. So why Millenials Event Organizers need to have insurance for their business?
- The purpose of insurance is to pay for the number of damages and defense costs resulting from negligent acts or omissions of the insured. It protects the organizer from any financial loss whatever happens to the business. Liability Insurance is one of the best examples of it.
- Having insurance will help the insurer compensate for losses brought about by dishonest, fraudulent, or felonious acts. Whether an expensive gadget is stolen from you or damaged due to an accident, having insurance will save you financially when you need it. Crime insurance is the way to go.
- Insurance intends to protect you from risks associated with e-business, the Internet, networks, and information assets. In a world where online crimes are inevitable, you need insurance to back up Millenials’ hard work and copyright properties. Cyber Insurance is there to help you with that.
So Millenials, there’s no wrong in getting your dream business this 2021. And as you plan your online business, create a plan to protect your finances and the works of your hands.
For more information about Miscellaneous Casualty Insurance (Event Insurances), visit the Malayan Insurance website or contact their insurance agent.
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