The concept of free speech, means that all types of expressions and opinions should be allowed without any repercussion from the government. It is important to note that things like shouting fire in a crowded theater, liable, or slander are not protected under the concept of free speech, as these uses of speech do not express an opinion, which is completely what free speech is about.
Hate speech ought to be protected under the first amendment, As repulsive and disgusting certain speech can be, it is important we do not leave it up to big brother to decide what is acceptable and what is not. Currently in Europe and Canada, they do not have a right to free speech, which has already lead to negative outcomes.
For example Europe has two main regulations on speech, which are countering the spreading of terrorism, and protection of minorities from hatred or potential hate crimes. On the surface, most people would probably say this sounds alright, however when put in practice, it is shown to often infringe on the right of citizens to express themselves. Recently in Spain a two man puppet group have been indited on charges of "glorifying terrorism", due to them performing a puppet show, featuring a landlord, a witch and a squatter, which theme in small part satirically revolved around terrorism. The reason these specific pieces of legislation are being passed, result from fear of recent terrorist attacks in Europe, however this is exactly what the terrorist want. It is only in a jihadists best interests, that foreign governments try to suppress any material, content, or speech, that even slightly resembles Islam. These laws are recruiting gold for groups like ISIS and Al Qaeda.