Fintech innovations: new insurance for the sharing economy workforce

Airtasker has partnered with Roobyx to launch a world-first income protection insurance product for those working in the sharing economy. With this product, Airtasker workers can set their earnings aside on a platform that allows continuity of work in the case of injury.

Airtasker provided third party liability insurance to all members, but the new product offers income protection should the Airtasker worker be injured. This policy come as part of the push to add protection to those working in the sharing community and after intensive discussions and a partnership with NSW Unions.

How the income protection works:

• Any Airtasker worker can opt in to the insurance program
• The worker can select the level of cover best suited to them
• Protection against injury causing permanent disability, death or loss of income are available
• Premiums fluctuate based on what the worker earned the previous week - if no income was made the previous week, as little as $1.65 is paid to maintain cover
• If an injury is sustained and the worker cannot work, the income protection will provide continuity of income based on the person’s average income in the previous 10 weeks for a period of up to 104 weeks