Sharing Economy Companies
Sharing economy companies face significant challenges when assessing their risks and their exposure to claims brought by customers, independent contractors, and potential regulatory issues. Navigating this maze can be challenging and the results are often inconclusive and expensive.
About the
Industry
The sharing economy is one of the most complex from an insurance and risk management standpoint. This is further complicated by the differing views of the risk profile of the platform company.
The founders think they have no risk as a platform allowing an independent contractor and client to do business together. The insurance carriers believe the platforms have all the risk because they’re paying claims for their insureds who are platform companies. The regulators don’t have much clarity or consistency on the liability issues to provide guidance to the platform companies.
How We Can Help
- Reduce the risk that a cyber attack or other technology failure will negatively impact the equity value of the platform business
- Take insurance and risk management off the plate of the Founder/CEO, who is already extremely busy
- Find creative solutions to reduce the cost of insurance for the platform company
- Create leverage when negotiating contracts with critical vendors and subcontractors
Outsource your risk management.
- Vendor management & contract review
- Insurance limit negotiations with clients
- Cyber risk assessments
- Turn your insurance coverage into a sales tool
- Buy side and sell side due diligence
- Cyber security policy review & creation