There are risks with the sharing economy

There are risks with the sharing economy

The latest idea of sharing assets is a sharing app to allow the renting out and or sharing of the family pool.

Before you rush off and do this, please check with your insurer or insurance broker to ensure that you have the correct liability coverage in place for this commercial operation.

Pools are notoriously dangerous places, and if you add alcohol which may become involved you have people slipping over, and of course the risk of drowning or near drowning.

There are risks of theft or damage by the visitors which again, may not be covered by your insurance.

I am all for the sharing economy but these things need to be carefully thought out from a risk management perspective for the potential risk may be significant and greatly outweigh any revenue that may be earned.

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