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Launching a sharing economy platform? Don’t forget about insurance

Posted by Eric Tyndale | Sharing Economy

As an entrepreneur, there are so many exciting parts of launching a new sharing economy platform! Surprisingly, insurance is not one of them. In fact, it’s usually one of the last things most entrepreneurs consider.

But insurance discussions don’t need to feel like a trip to the dentist. The right insurance partner will find innovative ways to work with your business, reduce your risk, and actually decrease your workload.

As technology continues to develop and generational priorities shift away from product ownership, it’s no surprise the sharing economy is one of the fastest-growing startup trends. If you found yourself here, you’re likely looking to start your own sharing economy platform, or perhaps you’ve just recently launched.

As with any new product or platform, it is important to identify your target audience, know how to reach them and understand their buying journey to ensure success.

When it comes to peer-to-peer sharing, one of the biggest barriers to purchase is trust. Consumers are often reluctant to rent their products through new platforms; with the fear something might go wrong.

That’s why it’s important to consider the three major benefits of a strong insurance partner:

1. Build trust and credibility with new users

Having a recognized insurance partner creates trust amongst potential customers. The association with a recognized name enforces legitimacy, at no cost to you.

2. Less customer support work for you

Let’s face it, running your own platform is a serious time commitment. You probably don’t have the capacity to deal with unnecessary customer complaints about damaged or lost belongs.

That’s where an insurance partner helps – in general, all claims and damage incidents will be offloaded to them, giving you more time to focus on growth.

3. Added protection for your business

Insurance will not only protect your customers; it can also protect you from both a financial, and reputational perspective. Having an insurance partner to deal with claims can help reduce the number of negative reviews you receive, and the imposed risk on your business.

How to find the right insurance partner

Duuo recently launched Rent-my-Stuff Insurance, Canada’s first on-demand digital insurance for peer-to-peer sharing platforms. Designed to protect those participating in the sharing economy, Rent-my-Stuff can be purchased online in minutes and is compatible with most sharing platforms.

Interested in partnering with Duuo for your platform? Click here to tell us a bit more about your business needs.