Insurtech steps in to ease financial burden on freelancers caused by Covid-19

Insurtech and flexible business insurer – Digital Risks has stepped in to help freelancers undergoing financial strain from the coronavirus outbreak.

The insurtech has partnered with UnderPinned – a freelance career platform.

These services will be offered for free until September to ease financial burden on freelancers by offering 24/7 tax, legal and mental health helplines.

Albert Azis-Clauson, chief executive and co-founder at UnderPinned is calling on policymakers to consider a freelancer support package which includes better sick pay provisions and a one-off low-interest loan for the self-employed.

It follows new research from the Creative Industries Federation, 54% of freelancers in the creative sector expect income to decrease by over 50% due to fallout from the pandemic, with many already be experiencing immediate losses.

And the government’s mitigation strategy for Covid-19 advising people to self-isolate and work from home.

Under threat

Azis-Clauson said: “Freelancers are going to be hit particularly hard in the coming weeks and we want to do everything we can to support them. Hopefully by making our service free for this period, we can make a small difference to any freelance worker whose income is under threat.

“The government needs to do more to protect freelance workers over the next few weeks, given that we are talking about a workforce of over two million people.”

Henry Newby, partnerships director at Digital Risks, added: “These are unprecedented times and freelancers, especially, will be feeling the pinch more than most.”

UnderPinned was founded in 2019 to help freelancers find work, manage work and get paid.

The company aims to tackle the lack of infrastructure and support that exists for the UK’s two million freelance workers and it recently launched its full paid-for service.