The future of work is radically and rapidly changing. There will soon be more independent contractors and freelancers than employees in the workforce. Are you ready for the new normal? Are you aware of how to access the tools and resources that will set you up for success?
Both BUNKER, a platform for small business insurance & THE JILLS OF ALL TRADES™, a powerhouse talent collective of women consultants and freelancers, are creating solutions to build the infrastructure and the ecosystems for the future of work.
THE JILLS OF ALL TRADES™ is a member organization that aggregates a community of women independent professionals, who are often fragmented and hard to find, to gain bigger and bolder marketing exposure through a searchable online directory while offering targeted resources for women to help build their businesses and the future of work.
THE JILLS directory is unique in that all members are vetted and vouched for, ensuring that clients have trust and that Jills are bolstered by each other's proven experience. THE JILLS OF ALL TRADES™ boldly embraces a women-forward positioning, aligned to independent workforce demographic trends, as well as to serve the fundamental need for more self-promotion in women.
Cofounded by Chad Nitschke & Dan Feidt, BUNKER is a platform for small business insurance, focusing on insurance when it’s required by contract. They are the only company that seamlessly embeds commercial insurance directly into the contracting and compliance process.
As part of the shared mission to build smart and seamless ecosystems that fuels the future of work, both BUNKER and THE JILLS OF ALL TRADES™ are excited to be co-hosting WAKE UP FEARLESS-a 'Beer-Mosas and Bagels Morning Meetup as part of the Wisconsin Forward Festival on August 17, 2018. They'll be discussing why working ‘On-Demand’ is ‘In-Demand’ and offering take-away tips on how to build and protect your brand for a modern, independent workforce. If you're in the area, jump in with THE JILLS OF ALL TRADES™ & BUNKER and be part of the workforce revolution!
Recently, THE JILLS OF ALL TRADES™ Cofounders, Megan A.C. Boswell and Corinne Neil, caught up with the folks at BUNKER to chat about insurance, the modern independent contractor, and changing workforce trends.
Megan & Corinne: All of the members in THE JILLS OF ALL TRADES™ offer Business-to-Business services for small business owners, other freelancers, and large corporations and organizations. Why is business insurance important for independent professionals and small businesses?
Bunker: Insurance takes the concern out of their job. Accidents happen, expectations can be difficult to manage, and a small insurance premium can transfer the risk and concern of those things away from the independent contractor. Another important thing to remember is that insurance doesn’t only protect the independent contractor, it protects everyone involved. You may not be worth $1 million, but you could be sued for that and much more. If a lawsuit bankrupts the defendant, the claimant who sued may not be able to recover all of the damages. For that reason, having insurance makes you look more credible to the companies you will be doing business with.
M&C: What criteria should JILLS Members consider when setting insurance requirements for Customers?
Bunker: JILLS can and should work with our insurance advisors here at Bunker along with legal counsel to determine what insurance requirements to give independent contractors. There are a lot of factors that can determine the risk involved in the work being done. For example, you have to consider whether or not you’ll be using a vehicle and the nature of the job itself. The best thing to do it usually to talk to your insurance agent.
Some things to consider during your conversation are:
- Am I setting proper expectations – is there a formal contract, sign offs on deliverables, or a hold harmless clause?
- Are my personal assets protected?
- What risks are associated with the work I’m doing?
Insurance advisors at Bunker can help you answer these questions and more. But remember, an insurance agent should not take the place of legal counsel.
Megan & Corinne: What do your Customers receive when they ‘Build their Bunker?’ What is Bunker doing to make insurance accessible and flexible for freelancers and independent consultants?
Bunker: Flexible Usage Based Insurance (UBI), Responsiveness, clarity, and more contracts.
Most freelancers aren’t setting aside a pool of money to pay for legal defense and damages. By purchasing insurance they’re gaining the benefit of cash flow stability by knowing they will have transferred the cost of losses to an insurer. Bunker meets the unique needs of freelancers, contractors, and consultants because we embed insurance directly into the contracting process for terms as short as three months, making the process of obtaining contracts easier for independent contractors. We want to be more than an insurance broker. We hope to be a trusted advisor for their businesses as well.
M&C: What should a consultants or a freelancer do if a company requires that they have insurance?
Bunker: Consultants and freelancer should make sure they have the requirements in writing, and bring those requirements to an insurance advisor for guidance and professional review. They should also weigh the costs of the revenue they’ll make against the cost of insurance and the other costs associated with the contract. Bunker’s advisors will be able to explain why certain limits are right for you, or help you go back to the company to explain why certain coverage isn’t needed.
Megan & Corinne: We know that one of the many advantages of working independently and leveraging technology is building clientele outside of your local region and having the flexibility to work from anywhere. Given that our Jills are based across the nation, and with our first foothold now in Europe, we’re wondering how Bunker helps independents within different countries and different currencies.
Bunker: If the contract and work is being performed for a US company, Customers can likely build their Bunker and leverage all of its benefits. If the contractor is providing work outside of the US, Customers can use Bunker to store their certificates of insurance and insurance advisory. We will not, however, be able to provide adequate coverage for that customer.
M&C: Why do you think it’s important that, as a nation, and maybe even a global economy, we create infrastructure and ecosystems to support a 1099 workforce? What is your hope for a sustainable freelance economy?
Bunker: Nearly half of the US workforce could be made up of 1099 workers within the next decade. It’s important to show these people that they have support and resources. By getting people accurate coverage, we protect them and their assets in case of a claim. The more people are covered correctly, the less barriers there are to working independently. Our hope is that access to safe infrastructure for independent contractors will fuel their entrepreneurial spirit, spreading innovation throughout the economy, instead of confining it to specific companies. It’s wonderful to be able to work for yourself, to be your own boss, and to trust your inspiration. We provide the peace of mind to do just that.
Information has been provided by Bunker. Bunker is a platform for small business insurance, focusing on insurance when it’s required by contract. The only company that seamlessly embeds commercial insurance directly into the contracting and compliance process. Bunker automates the insurance requirement compliance process for enterprises and is also a licensed digital insurance broker.