If you’re a homeshare host, or otherwise interested in the “on-demand” or “gig” economy (and if you’re here reading this we’re betting you probably are,) there’s something really important you need to know: You Are Not Protected.
It’s common to assume you are protected. Because hey, you have an insurance policy, right? The problem is, your personal insurance policies have restrictions and exclusions when it comes to using your home, car, or tools for business purposes, or providing personal services. Additionally, even if you have some sort of protection through a service like Airbnb, or a rideshare service, you’re still not fully protected. We have written extensively about why you’re not protected by these other programs (you can read about them here, here, and here).
It’s not the fault of the companies you’re working with. They didn’t go into the insurance business, and they are doing their best to protect their workers, but they’re simply not set up to be able to protect you in every instance. So let’s not point our accusing finger at anyone, let’s just solve the problem.
Why you need to buy your own insurance.
On-demand workers take on an enormous amount of risk—greatly disproportionate to the amount of income earned. For example, the average Airbnb Host in California earns about $5,000 / year through the platform. However, an accident at their home that causes injury to a Guest could cost hundreds of thousands of dollars. A fire could wipe out all of their physical assets. On-demand workers need proper protection.
It doesn’t matter how many 5-star reviews you get, if you don’t have a home or car you won’t have any customers to provide any reviews.
That may sound extreme, and we don’t mean to be alarmists, but we’ve unfortunately seen and heard too many stories to ignore the problem. It is real. It does happen. And it happens way too often.
Insurance policies have not kept up with the way the world works now, and we’re all at risk because of it.
Slice provides on-demand, pay-per-use insurance to homeshare Hosts, so the Host never has to rely on Airbnb or any other homeshare company for protection. Our policy provides for replacement cost on property, protection against lost rental income, a $2,000,000 limit for liability and many specialty coverages designed specifically for on-demand workers. We invite you to compare our coverage and protection with any other policy out there, from service providers to large commercial insurers.
With Slice, you’re not just covered—you’re fully protected.