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There's a reason why libertarians usually place an emphasis on natural rights -- or on a system of ethics based on reason. There must be some basis for rights that is independent of the state. There must be a basis that we can appeal to as protection from the actions of others. Natural rights or reason is that basis. Without it, we are unable to protect the individual.

But let me add something else, because I think libertarians are often misunderstood on this issue. I believe that justice requires that we respect strong individual rights. And I believe that those rights are based on something other than utility or overall consequences.  But when I say that someone has (or ought to have) the right to do X, I am not saying that doing X is always good. 

I believe that people should have the right to publish pornographic books, but I'm not at all sure that it is a good thing to do. If I say that people should have the right to burn the American flag, I don't mean to say that it is a good thing to do so. And likewise, if I say that an employer ought to have the right to hire people for $2.00 per hour or to not hire people who are black, I'm not suggesting that it is a good thing to do so.

Justice is only part of morality -- a sort of irreducible minimum. There are many good things required by decency or compassion that are not required by justice. I would praise an employer who provided a living wage for his workers when the market did not require it. But I would not say that he is required to do so by the principles of justice. Justice deals only with protecting our individual rights.