Having launched its Hustle Cover product for gig economy workers back in January, Australian insurtech Coverhero is now touting the offering’s benefits for those impacted by the COVID-19 pandemic.
Among the business owners ‘operating with confidence,’ thanks to the safety net provided by Hustle Cover, is Meet Magic founder Carl Gough (pictured with his team). He employs a number of casual workers in the business, which connects business development executives from technology companies with senior IT decision-makers who request a donation is made to charities.
“If you’re as clumsy as I am, you will know that accidents do happen, especially if you’re juggling the demands of a working life at home,” shared Gough. “I wanted to protect my income and the income of my team, because as COVID-19 has proved, life is very unpredictable. And as Meet Magic grows, I’m making sure my expanding team is covered for anything unforeseen as well.”
Coverhero stressed how gig workers – who are among those hardest hit by the coronavirus lockdowns – have been struggling to gain access to mainstream financial products and services such as insurance, given their lack of substantial credit history coupled with inconsistent cashflow.
Additionally, the insurtech said casual employees are locked out of workplace benefits due to their contractor status.
“Until now, anyone self-employed or in the gig economy has had to forego income protection and just hope they don’t get sick,” asserted Coverhero founder Naby Mariyam. “So now we’re covering COVID-19, making it possible for the Australian casualised and contingent workforce to self-isolate and recover without worrying about the impact on their earnings.”
Pointing to the blurring of the lines between work and life, Mariyam went on to say: “We need to change the way we think about protecting today’s workers from a range of emerging challenges. Living with purpose, having income security, and creating a good quality of life is the most important thing for people who choose to hustle for a living.”
Meanwhile Coverhero revealed it is looking to raise $5 million to fund its next phase of growth to continue addressing the coverage needs of the self-employed.
