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Verifly launches business insurance product for gig economy workers

In Action Summary

New York based Verifly is an insurance provider for drone pilots. It has now launched several new policies for workers engaged in the on-demand economy. The first offers contract workers disability insurance of at least $1 million for just $5 per-hour, per-job.

Furthermore, the per-hour price drops if a gig economy employee buys a monthly policy. Verifly asses risk by analysing the customer’s ZIP code, to place potential policy holders in a risk territory, which then adjusts the price of the insurance based on historical loss data. The company offers policies from just one hour and up to one month without an annual contract or commitment.

To apply for a policy, users simply open the company’s app and select the type of part time work they are involved in. Users then set the duration of their coverage, from an hour up to one month before Verifly provides a certificate of insurance that customers can refer to.

The insurance coverage is provided by Markel, a large insurance holding company via Verifly’s mobile app and Web portal.

Verifly has launched an on-demand solution for part-timers

Will Quist, partner at Slow Ventures has said of Verifly: “The meteoric rise of independent work as both a normal way of earning a living and an aspirational lifestyle represents a fundamental shift in the way we think about operating a business and earning a living.To address this, a new model of insurance will rise. It will be delivered on-demand and charged in the same way these workers are paid — by the job. We are thrilled to back Verifly in their quest to professionalize and elevate independent workers.”

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