Corporations and many midsize companies are structured and categorized with insurance in mind. Businesses with generational know-how and deep resources employ professionals – sometimes entire departments full of them – to accurately determine and even reduce liability across what are often wide networks of hundreds and sometimes thousands of employees and outlets.
Contrast that with the circumstances of most small-business owners and gig workers, who are typically far less experienced in covering business liabilities – and who can’t rely on a team of lawyers or HR pros to guide them through assessing their insurance needs. Many assume their personal policies keep them covered, or simply aren’t aware that additional coverage may be necessary.
Key Differentiators Between Personal and Business Policies
Most working-age people in the U.S. understand the basics of personal policy insurance. If an individual drives a car or has earned a paycheck from a salaried job, they almost certainly have, or have been introduced to, concepts such as liability and health coverage. Some workers are even automatically covered, up to a certain point, by their employers. There’s a level of intuitiveness about personal insurance, including its importance, that most Americans possess.
The same can’t be said for business insurance. The vast majority of salaried workers can rely on their employer’s coverage in the event of a broken laptop, stolen tools or a legal complaint from a client about the work itself. But gig workers and small businesses don’t have the same protections, and the coverage reach of personal insurance is often overestimated. The result: Many freelancers and independent contractors aren’t aware that they may be underinsured.
The risks for poorly covered gig workers, of course, include out-of-pocket costs, inflated premium costs and even the possibility of dropped personal coverage. For insurance producers, the goal is to identify these prospective clients – part of a rapidly growing insurance market – and help them build a firewall between their personal liability and business liability.
Building a Wall of Protection With GigBOP®
Given that much of the population of gig workers – somewhere in the neighborhood of 60 million people – has limited knowledge of their business liability and coverage needs, the onus is on producers to help bridge the gap. SynchronoSure offers a solution in GigBOP®, package insurance designed with gig workers, contractors, freelancers and small businesses in mind.
GigBOP® offers coverage for professional liability, theft, employee benefit liability, and hired and non-owned auto liability. And where personal insurance falls short, GigBOP® delivers – including higher policy limits than HO home business endorsement for policies such as general liability and business personal property. GigBOP® also allows for a broader range of acceptable business types than most HO endorsements, which typically cover businesses with annual revenue totaling under $250,000. GigBOP® covers small businesses with up to $5 million in annual revenue and 25 total employees.
Become an appointed GigBOP® producer to start generating quotes in just minutes for gig workers and small businesses, while earning monthly commissions on premiums collected for your own business. Help introduce an untapped population of underinsured workers to competitive, customized business insurance in GigBOP®.
