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Good News for Airbnb Hosts and Uber Drivers: Here Comes Insurance The independent sharing economy organization Peers unveils plans for two insurance programs for individuals working in the sharing economy.

By Catherine Clifford

Opinions expressed by Entrepreneur contributors are their own.

Uber

Share the profits. Share the losses. The sharing economy gets even more share-y.

Another step in the development of the fast-growing sharing economy is that it is getting its own insurance policies, designed to stabilize income generated by driving strangers around town or letting them stay in your home.

The independent sharing economy organization Peers just announced that it has created two separate pools protecting employees of the sharing economy from disastrous, emergency situations. Accommodations hosts and ridesharing drivers can opt in to an insurance program protecting against damages or losses due to unexpected disruptions in employment.

Related: Uber Raises $1.2 Billion in New Funding Based on a $40 Billion Valuation

"A new economy has created new needs that call for new solutions," Peers executive director Shelby Clark says in a blog post announcing the new insurance programs. "When the solutions don't exist, we will build them ourselves when we can, or we will aim to work with other companies to introduce solutions."

As such, Peers launched Homesharing Liability Insurance, a personal liability insurance that covers a host on any accommodations hosting service he or she might operate through. Airbnb is the most well known homesharing site, but there are others, like HomeAway.com and VacationRentals.com. For $36 per month, a host gets protection for up to $1 million of bodily injury to your guest or property damage suffered by your guest. The insurance will also cover a host for up to three months lost income, up to $5,000, if a host damages your home. Oh, and you can opt into the insurance for only the months that you need it.

Related: Finland's Capital Wants to Do Away With Car Ownership

Meanwhile, the Keep Driving insurance option gives ridesharing drivers working for companies like Uber, Lyft or Sidecar access to a working car in the event that theirs is damaged in an accident. Ridesharing companies don't let drivers work out of other people's cars, but the program designed by Peers partners ridesharing drivers with cars through the hybrid rental company Breeze. The Keep Driving program, available for $20 per month, is also available for delivery drivers not employed by a ridesharing company.

Related: Taxi Wars: Uber Rolls Out Program in NYC That Will Cut Fares By Half

Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

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