Sharing Economy

With the sharing economy becoming more popular, the needs of consumers are changing. We’re adapting our solutions to those changing needs.

What is the sharing economy?

In the sharing economy, individuals are able to borrow or rent out property from owners who aren’t using it. These transactions take place through online platforms and include property like cars, houses, or bicycles. This sharing dynamic goes by a number of names, including the peer economy, the sharing economy, collaborative consumption, or collaborative economy.

A sharing system allows for a more sustainable use of idle or underutilized resources and flexible employment options. And this is just the beginning for the sharing economy. While it has been constantly evolving over the past few years, it’s expected to grow even more in the years to come.

Why is insurance important in the sharing economy?

Whether people are sharing their cars, apartments, or houses, the sharing economy comes with its own set of unique risks. It’s important to be prepared for those risks with the appropriate insurance coverage.
You may not even realize you’re in need of specialized insurance while partaking in the sharing economy. For instance, say you’re a driver for a ridesharing company and a paying passenger is injured while you’re driving them in your own vehicle. You might assume your personal auto policy will cover the aftermath, but generally, commercial insurance coverage for ridesharing would be needed in this instance.
We’re happy to offer insurance products that meet the unconventional needs of companies in the sharing economy. Northbridge Insurance is always looking for innovative ways to help protect Canadians and what matters to them, and insuring companies that make use of the sharing economy is a great way for us to do that.

Who do we cover

So far, we offer policies for the following companies that operate within the sharing economy:

Still have questions?

Still have questions?

Would you like to learn more about our sharing economy offerings? Contact us for more information at [email protected].

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