New research from freelance marketplace PeoplePerHour suggests that up to two-thirds of the UK’s 1.6 million freelancers have been unable to claim financial support during the Covid pandemic. Of those surveyed, 65% said they did not qualify for the Government’s Self-Employment Income Support Scheme (SEISS).
Currently, freelancers and the self-employed have no entitlement to Statutory Sick Pay, which means many will be left without any income should they contract the virus. Unsurprisingly, the survey also found that the vast majority (89%) of respondents are concerned about the loss of income that might result.
Commenting on the research Xenios Thrasyvoulou, Founder and CEO of PeoplePerHour said: “The Government has done its best to look after as many people as possible during this difficult time, but some have unfortunately fallen through the cracks. Freelancers are particularly at risk and so we felt obligated to do something about it.”
In light of the challenges freelancers face, PeoplePerHour has partnered with insurtech Indeez to create #CoviSure, the first insurance package for independent workers who are unable to work due to Coronavirus. It will be rolled out across the UK and France for £3.99 a month (€4.99 a month in France). #CoviSure will ensure freelancers are financially protected, mitigating income loss and providing peace of mind for independent workers while they take time to rest and recover.
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The package underwritten by Chubb insurance will be rolled out across the UK and France for £3.99 a month (€4.99 a month in France). #CoviSure will ensure freelancers are financially protected, mitigating income loss and providing peace of mind for independent workers while they take time to rest and recover.
The income protection policy will pay out if a freelancer is unable to work due to hospitalisation or if they have to self-isolate following a positive PCR test for Covid-19. The product is also available directly on the Indeez platform. Subscription to the 3-month protection has a low monthly cost with the product offering a lump sum benefit of up to £1,000 / €1,000 in the event of an inability to work due to contracting Coronavirus.
Xenios Thrasyvoulou continues: “We take our responsibility to our freelance community very seriously. For people who took the plunge into becoming a freelancer recently, or have built their business up from scratch in the last year, the lack of support will feel disappointed.
Partnering with Indeez to offer the industry’s first Covid cover is another step towards protecting our freelance community and giving them the confidence that they and their income are covered during this difficult time.”
“The lack of availability of income protection for independent workers needs to be urgently addressed by private and state actors collectively. At Indeez, we believe that with #CoviSure, we are building a pan-EU, cross industry coalition, that will stand to empower independent workers in their everyday lives. What we do in Europe, we hope will be a model for other regions of the world” said Vikas Chhariya, Founder & CEO, Indeez.
