Are your risk management strategies improving your experience in the sharing economy?
The sharing economy has transformed global workforce options. And the COVID-19 pandemic has hastened the shift in the labor market, as highly skilled employees join the ranks of independent workers. Are you integrating the sharing economy into a strategy for pandemic recovery? Learn how to leverage the sharing economy while protecting your business against unexpected risks.
Independent contractors complete gigs booked through your technology platform. – what happens if there’s an accident, theft, or some other loss? Who is liable? The sharing economy may expose your organization to different risks than those within traditional labor models. Those differences can create gaps in your risk management strategy.
HUB advisors can help identify and manage those gaps to secure the best protection for your business. Whether independent contractors secure their own coverage or you procure the insurance policy for purchase, HUB will help define and manage r independent contractor relationships. Custom protection may include the following:
- Occupational Accident insurance for injuries to independent contractors and specific language for Prop 22 compliance.
- Usage-Based Liability Insurance, including Auto Liability, General Liability, Cargo Liability and Contingent Liability.
- Defense costs for worker misclassification.
- Excess Liability insurance for catastrophic losses, increased limits and additional coverages.
HUB’s sharing economy specialists and extensive resources will help you keep pace with this rapidly changing labor market.
Technology Access
The sharing economy is as much a lifestyle as it is a different way to work. Insurers need to adapt to the digital world with its mobile devices and vast collection of applications. HUB’s access to technology designed for that purpose offers simple, flexible platforms that meet the on-demand needs of the sharing economy. Practical pay-as-you-go models help manage growth fluctuations in your business.
Education
Despite its development, the sharing economy is often misunderstood. Legislation redefining worker classifications has contributed to confusion about this workforce model. As a result, organizations that hire contracted gig workers struggle with overpriced insurance or even denial of coverage.
HUB educates underwriters to help them understand the true risks associated with the sharing economy. Our legal team closely monitors legal rulings affecting gig worker status to assist with compliance.
Specialty Markets and Products
When you partner with us, you gain a vast network of experienced professionals in multiple industries across numerous specialties, including:
- Insurance and Risk Services
- Employee Benefits and Human Resources consulting
- Retirement and Private Wealth management
Sharing economy workers require wide-ranging coverage based on the tasks performed, matched with a digital experience built for how they work. HUB specialists understand what makes the sharing economy unique. Our industry experts help guide you to the specialty markets and products that make sense for your business needs. We couple that with a flexible, specialized claims handling process.
HUB’s long-standing vendor and carrier relationships comes from a place of trust. Industry representatives recognize the experience and knowledge of HUB specialists, allowing insurers to step outside their comfort zone of traditional insurance processes. Through education and support, HUB specialists open the door to the opportunities the sharing economy presents. And the industry is listening. What that means for you is negotiating strength — and better coverage, better service, and a better price.
None of us know what tomorrow will look like. However, HUB specialists are eager to help you with all your insurance needs so you’re ready for tomorrow.
Click here to download our case study!
Independent contractors complete gigs booked through your technology platform. – what happens if there’s an accident, theft, or some other loss? Who is liable? The sharing economy may expose your organization to different risks than those within traditional labor models. Those differences can create gaps in your risk management strategy.
HUB advisors can help identify and manage those gaps to secure the best protection for your business. Whether independent contractors secure their own coverage or you procure the insurance policy for purchase, HUB will help define and manage r independent contractor relationships. Custom protection may include the following:
- Occupational Accident insurance for injuries to independent contractors and specific language for Prop 22 compliance.
- Usage-Based Liability Insurance, including Auto Liability, General Liability, Cargo Liability and Contingent Liability.
- Defense costs for worker misclassification.
- Excess Liability insurance for catastrophic losses, increased limits and additional coverages.
HUB’s sharing economy specialists and extensive resources will help you keep pace with this rapidly changing labor market.
Technology Access
The sharing economy is as much a lifestyle as it is a different way to work. Insurers need to adapt to the digital world with its mobile devices and vast collection of applications. HUB’s access to technology designed for that purpose offers simple, flexible platforms that meet the on-demand needs of the sharing economy. Practical pay-as-you-go models help manage growth fluctuations in your business.
Education
Despite its development, the sharing economy is often misunderstood. Legislation redefining worker classifications has contributed to confusion about this workforce model. As a result, organizations that hire contracted gig workers struggle with overpriced insurance or even denial of coverage.
HUB educates underwriters to help them understand the true risks associated with the sharing economy. Our legal team closely monitors legal rulings affecting gig worker status to assist with compliance.
Specialty Markets and Products
When you partner with us, you gain a vast network of experienced professionals in multiple industries across numerous specialties, including:
- Insurance and Risk Services
- Employee Benefits and Human Resources consulting
- Retirement and Private Wealth management
Sharing economy workers require wide-ranging coverage based on the tasks performed, matched with a digital experience built for how they work. HUB specialists understand what makes the sharing economy unique. Our industry experts help guide you to the specialty markets and products that make sense for your business needs. We couple that with a flexible, specialized claims handling process.
HUB’s long-standing vendor and carrier relationships comes from a place of trust. Industry representatives recognize the experience and knowledge of HUB specialists, allowing insurers to step outside their comfort zone of traditional insurance processes. Through education and support, HUB specialists open the door to the opportunities the sharing economy presents. And the industry is listening. What that means for you is negotiating strength — and better coverage, better service, and a better price.
None of us know what tomorrow will look like. However, HUB specialists are eager to help you with all your insurance needs so you’re ready for tomorrow.
Click here to download our case study!