Alongside the publication of the independent report on the sharing economy yesterday, the British Insurance Brokers’ Association (BIBA) has published a guide to insurance for sharing economy businesses. This is a great development - difficulties in getting appropriate insurance products was one of the key barriers raised during the review, and being insured is often very important to users of sharing economy services.
BIBA have also identified ten insurance brokers that are able to help sharing economy businesses find insurance products.
Debbie Wosskow has welcomed the guide:
“I’m delighted to see the launch of this new insurance guide and recommended broker list – global firsts for the sharing economy. Insurance has been a key focus of my government review, as many peer-to-peer businesses have had real challenges putting in place products to protect consumers. This is a big step forward to help with that process, as the sharing economy becomes more and more part of the mainstream.”
Matthew Hancock MP, the Business Minister, has also expressed support:
“There is huge economic potential for the sharing economy and I want to make sure that the UK is a world leader. An estimated 25 per cent of UK adults are already sharing online and getting a slice of £9 billion in global revenues – we are backing these everyday entrepreneurs and it’s great to see the insurance industry responding quickly and developing new products to support them too.”