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Sharing Economy and Mobility Programmes

Innovative insurance solutions to support the latest ways we move, share, and trust in the sharing economy and mobility sectors.
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The growth in the sharing economy and mobility sectors is introducing new variables when it comes to determining liability, creating risks for both the companies facilitating peer-to-peer exchanges and the participants in the transaction, including freelancers and independent contractors.

How Marsh's Affinity team can help

Marsh's Affinity experts help companies design, develop, implement, and monetise insurance solutions as well as address liability issues for companies in the sharing economy and mobility sectors. 

We support clients with affinity and embedded insurance solutions in the following areas:

  • Last-mile delivery and transport: Food and package delivery, logistics, and drones.
  • Online and e-commerce: Travel, neobanks, fintech, telecommunications, and cybersecurity.
  • Mobility: Car and electric vehicle subscription, e-batteries, micro-mobility, peer-to-peer car share, ride share, and autonomous vehicles. 
  • Labor and services: Any shared labour platforms offering professional and manual services and jobs in the leisure and hospitality sectors.
  • Assets: Real estate, hospitality, storage, airlines, vehicles, and consumer electronics.

Marsh’s Affinity team works with you to create customised embedded and affinity insurance products. These solutions range from motor, public liability, and personal accident insurance, to income and cyber protection for contractors, customers, users, and subscribers. This list is not exhaustive, and we continue to innovate to provide new solutions to meet our clients’ changing needs.

*Please consult with a Marsh adviser on product availability in your region.

Why Marsh

Marsh, the world’s largest insurance broker and risk adviser, is dedicated to helping clients globally manage risk effectively. Leveraging strong historical relationships with global carriers and robust technology and data capabilities, Marsh’s long-standing expertise in designing, developing, and implementing innovative and efficient risk solutions across diverse industries and geographies delivers sustainable benefits for clients and empowers them to take advantage of opportunities that foster resilient business growth and expansion.

FAQs

Please note that the information provided in this FAQ is general in nature and may not apply to every sharing economy business. It is recommended that you consult with an insurance professional to assess your specific insurance needs.

The insurance needs for sharing economy companies can vary depending on the specific business model and industry. However, common types of insurance to consider include:

  • General liability insurance: This coverage protects against third-party claims of bodily injury, property damage, or advertising injury.
  • Professional liability insurance: Also known as errors and omissions (E&O) insurance, this coverage protects against claims of professional negligence or failure to perform professional duties.
  • Cyber liability insurance: This coverage protects against data breaches, cyberattacks, and other cyber risks.
  • Commercial auto insurance: If your sharing economy business involves the use of vehicles, this coverage is essential to protect in the event of an accident whether it is first-party or third-party liability.
  • Workers' compensation insurance: If you have employees, this coverage provides benefits for work-related injuries or illnesses.

Traditional insurance policies typically have a one-year period with a flat premium. However, for sharing economy businesses, a usage-based insurance premium model may be more suitable. This type of model allows clients to pay for their insurance premiums based on their activity volume, accurately reflecting their exposure. Alternatively, other types of risk metrics may need to be considered in developing a specialised insurance solution.

A usage-based premium model allows sharing economy companies to pay insurance premiums based on their actual activity volume. This pricing model is more flexible and aligns with the data-fuelled nature often associated with a sharing economy business model.

Connected devices can provide real-time data that insurers can use to assess risks more accurately and price coverage accordingly. For example, telematics devices can monitor a driver's behaviour and habits in commercial auto coverage, leading to more precise pricing. Similarly, sensors can measure movement and traffic in a retail store, allowing for more accurate pricing of general liability policies.

Sharing economy companies face unique challenges in obtaining insurance due to the evolving nature of the industry and the need to comply with country- and region-specific laws and regulations. It is crucial to work with brokers who understand the sharing economy business and can evaluate the specific risk dynamics associated with the industry.

The sharing economy is changing the traditional relationship between parties in a transaction. Individuals are engaging with technology to participate in a sharing transaction — either as a provider or user of a service. However, the traditional two-party transaction is now expanding to multiple parties. In addition to the provider and user, the technology platform is now part of the transaction. Depending on the service provided, a restaurant, autonomous vehicle, apartment building, or other parties may also be involved. In the event of an injury, determining liability and identifying the right coverage can be complex.