Bunker’s On-Demand Insurance Specialist Responds to Our Recent Forbes Article, on How to Solve for Workers’ Compensation in the Gig Economy
Recently Bunker was featured in Forbes announcing our customized Occupational Accident Insurance product for Independent Contractors needing workers compensation. This customized insurance product allows gig workers to purchase insurance when they are on the job. It is affordable and ensures workers are protected when they are on the job- addressing a major concern gig workers are facing. After Bunker’s feature in Forbes, we sat down with one of our On-Demand Insurance Experts to discuss what Occupational Accident Insurance means for the Future of Work.
You have worked in the traditional insurance industry for many years, how important is it to you to develop policies uniquely for independent contractors?
“Historically, incumbent insurance carriers have been slow to catch up, much less keep up, with the changing trends in staffing, and the new exposures that come with an updated workforce. One of the primary reasons I decided to join Bunker was the capability Bunker has to move quickly and be agile, as well as having dedicated underwriters willing to work on creative solutions. Helping to provide unique solutions that appropriately and adequately provide insurance coverage to Independent Contractors, and the marketplaces and organizations that serve this emerging and important sector of the workforce, has quickly become a priority for our team at Bunker.”
When did you come to realize the impact that the lack of workers’ compensation had on gig workers?
“The traditional offering for workers’ compensation did not provide proper coverage for independent contractors. Early on, the trucking industry identified the significance of the lack of coverage for drivers and developed Occupational Accident Insurance. This product was primarily provided to the transportation industry until recently. Working with underwriters, Bunker started to identify this product could be customized to protect independent contractors outside of the transportation industry. We have created partnerships with many underwriters to help solve for the workers’ compensation issue for gig-based platforms. We have been able to provide workers’ compensation coverage for many gig workers on many employment and gig marketplaces, such as Field Nation.”
How serious is the social impact of freelancers not being protected in the event of an injury?
“The impact of not having proper insurance in general can potentially be catastrophic in someone’s life. For freelancers in particular, not having adequate protection to provide coverage for injuries sustained on the job, can be life altering. Many times, personal health insurance policies will not pick up injuries sustained while working, and as a freelancer or Independent Contractor, they would not be eligible for coverage under the master workers’ compensation policy of the company they are contracting through, which makes it all the more important to be diligent about ensuring they understand the risks associated with being a freelancer.”
What are you most looking forward to about helping marketplaces offer Occupational Accident Insurance to cover their workers?
“The opportunity to work with other driven, entrepreneurial minded and creative professionals, who are working just as hard in their efforts to disrupt their respective industries is what I find to be particularly appealing in my current role. Specifically, Occupational Accident Insurance not only provides an opportunity for the platform or marketplace to save premium on their overall workers’ compensation expenses, but more importantly I am helping ensure the workers engaged through their platform have protection in the form of coverage for medical costs, loss wages, etc.”