Share Economy


Financial Institution

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Smartphone apps allow people to conduct transactions anywhere with the convenience of their mobile devices. This cost efficient accessibility to goods and services has fostered a change ownership models and created a growing new sector now called the “share economy”. Unfortunately, what most people don’t realize is that traditional insurance was not designed to respond to the types of risks generated by these new businesses.

With the rise of the share economy, new insurance models are slowly taking shape, but not fast enough to respond to the wave of new businesses entering the marketplace. Often times, these startups have to completely re-think their business plan due to the lack of availability of viable insurance programs.

At Parr Insurance Brokerage, we can help sharing companies craft solutions to protect their technology platforms as well as the interests of their users. Our products can help:

  • Protect users where traditional insurance falls short
  • Attract & retain customers
  • Safeguard a startup business from financial losses due to costly litigation
  • Address international exposures

Case In Point: The Smith family belongs to a home swapping insurance company and twice a year exchanges their home for a vacation home abroad. While foreign guests were staying in their home during a “swap”, one of the guests started a small kitchen fire by improperly using the microwave. The Smith family’s insurer covered the claim, but during the investigation discovered that the accident happened during a home swap, causing the Smith’s insurance company to cancel the Smith’s home insurance policy.