Does Peerspace cover the host with insurance
21 Oct 2021 · 3 min
Mark Simpson talks with a Peerspace representative about their host insurance policy, launched in 2016, which covers peerspace activities with regional limits like £1M in the UK. Listing is free and Peerspace takes 15% of the rental subtotal.
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Yeah. Okay, so let's talk about a question that I see come up whenever we talk about Peerspace in the communities that I'm part of is insurance. And I know that not every insurance is the same, but how are Peerspace explaining this to a host when it comes to insurance and how it would or would not affect them?
Sure. So we built very early on, I want to say we debuted this in 2016, a custom built from the ground up insurance policy that we partnered with very reputable global carrier on that was focused on peer space bookings and how liability should work in the event of some sort of loss by a third party brought against a host. That was the first thing that we wanted to cover because while they're extremely rare, there is the risk of catastrophic loss that we want to make sure hosts feel peace of mind around that they use their space for any type of activity, let alone for peer space. So we built it for peerspace hosts and we've extended the same program to our spaces in Canada and in the UK. And so in the UK, for example, the coverage is up to £1 million Canada, 1 million Canadian dollars and so forth. And it's meant to cover your peer space activities. And what it is is it's a general liability policy. It's supplemental to your primary coverage. So if you have a short term rental, you should have this primary insurance, whether that's your homeowner's policy or short term rental policy that you already have in place. This will come in and say if there's exclusions around your primary policy for whatever reason, or if the primary line of coverage gets exhausted due to some kind of claim. Herespace is here. We got you for this. And so it was really important to build that comprehensive coverage that will make us feel the confidence in these kinds of transactions.
Okay, so we've talked about like the benefits and you know, obviously the insurance was something that I've been asked a couple of times and now that the company is growing, which is fantastic to see again, I'm a big fan whenever, as soon as I heard about it on a clubhouse room, I reached out and I said I wanted to help in any way, shape or form to spread it to the host because I think that this is a really cool way of bringing in extra income. Now that we're moving out of usa, now we're moving out of Canada and we're coming over to the UK and Europe. Let's talk about that. Because the majority of the hosts that tune into the podcast, podcast in the uk, in Europe, So how can somebody go about looking into peerspace? The first question is, how much commission do you take per book? And I think that's going to be the first one the people are going to be asking, how does the commission model work? So it's obviously, it's free to list on Peerspace and anybody right now can go to Peerspace by going to boostly b O-O-S-T-L y.co.uk pfp e e. And I'll make sure that link gets in all the posts later on. But you go there and you set up a free list and how does the commission work on that?
Yeah, so as you mentioned, it is 100% free to list. It is our job as a platform to get you inquiries, to get you booking requests, and then, of course, it's your job to convert them into bookings. When that happens, Peerspace takes a 15% service fee of the subtotal value of your rental. So let's say you've listed for £100 an hour, Peerspace will pay you out £85 an hour, and then the £15 per hour will be what Peerspace takes. There's also a small processing fee that we charge to support bookings and run credit cards on the guest side. So that's not necessarily a fee that has to think about. Yeah, that's the way it works. And we do a lot of things for our hosts to drive the demand and the inquiries. We have a lot of, you know, secret tactics that we spend a lot of time and effort on, whether we're building them on our engineering side or we're just investing a lot of dollars into advertising and brand building. And so that's how we earn that condition. It's not the type of platform where we set you live and we do nothing to drive, demand your space. Every day we're thinking about how we're going to, you know, capitalize essentially on the effort spent on having you sign up and having you list your. Your photos. We're in this together in that sense.
And what I love about Pierce Basin, obviously, with the UK team, and I've been chatting to Emily and whatnot, but it's very much in the infancy. So when you do register your business and if you're one of the early adopters, you're going to get looked after, you're going to get a bit of help in hand in how to submit your listing, how to create your listing and how to get it live. Because obviously, right now, with Peerspace, every listing that goes live you want it to be top notch because it's, you know, it's the, it's the first out in, in the uk. Just imagine when Airbnb first went live and they wanted to help you. They used to send around professional photographers, they used to help you with the listing. This is because it's in the embassy. You're getting that first sort of treatment. So early adopters will, will benefit.
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