Skip to content

Loss of Income Protection for Micro Entrepreneurs: From Risk to Resilience with Micro Insurance

Black and white photograph of man handing food to two customers through a food truck window, surrounded by solid orange circle.

Loss of income is an ever-present concern for micro entrepreneurs. The cause could be as simple as a broken phone or stolen laptop preventing fulfilment of over-the-phone or e-orders (plus the cost of repair or replacement!), sudden illness preventing work for a few days, or an overnight break-in closing a shop for repairs. Inconveniences that make them unable to sell their wares and services, causing immediate loss of income and monetary outlay.

They need a solution, and we have one: MiIncome embedded micro insurance.

MiIncome digital reinsurance is our loss of income micro insurance solution. We work with insurance and platform partners to support their own income protection products with tailored, trigger-based, reinsurance solutions that are relevant to their target demographic. MiIncome increases brand stickiness by showing platform customers that the brands that they already know and interact with have their backs when they’re faced with life’s inconveniences, boosting customer satisfaction and trust.

Wait, isn’t there already business interruption insurance?

While business interruption insurance sounds like the obvious solution, it generally isn’t suitable for micro entrepreneurs.

Business owners can protect their assets, employee wages, and incomes with business interruption insurance. Typically, these policies cover losses following large-scale disaster events that cause material property damage (building and stock) or create obstacles to business operations at a specified location. Events may include natural disasters, fire, flooding, and utilities failure (water, gas, and electricity).

This one-size-fits-all approach creates a protection gap for micro entrepreneurs. Often, these individuals don’t work from a fixed location or out of a commercial property (such as market and street traders or cottage industries). Many don’t hold stock or have employees to pay. However, they need protection for the financial inconveniences and income disruptions that result from large-scale events, and everyday life incidents that stall their business activities and ability to earn.

Let’s consider a food truck owner. Their business is mobile, they hold small quantities of fresh ingredients replenished daily, and work alone. They insure their truck for damage and theft, but as for their income, business interruption insurance simply isn’t a good fit for this micro business. If a flood were to hit and halt business, the owner is subjected to loss of income while unable to trade.

Keep your customers on their feet with MiIncome.

Find out how we can work together to create a solution tailored to your business. Simply send us your email address to get started.

We are disrupting business interruption insurance.

Providing micro entrepreneurs with a relevant solution.

Our MiIncome digital reinsurance solution fills the gap left by traditional insurance. Unlike business interruption insurance, MiIncome is not dependant on large-scale events and consequential material damage to the business. Instead, through our platform partners, we cover the individual rather than their business.

Designed to protect individual’s income from life’s inconveniences, MiIncome helps our insurance and platform partners to provide quick payments to help cover their customers’ expenses when something happens that disrupts their ability to trade and earn. MiIncome is parametric, with defined pay-out triggers to ensure that a platform’s customers know exactly what they’re covered for, how much to expect, and for how long.

Working with you to support micro entrepreneurs.

Convenience, accessibility, and affordability are key to MiIncome. We collaborate with you to create a highly desirable MiIncome product tailored to the needs of your customers. This is embedded within your platform as an add-on to your core offering – differentiating your brand and creating a new revenue stream.

For example, MiIncome could be offered to micro entrepreneurs as part of a bank’s small business current account, ready to be called upon when income temporarily stops – perfect for the food truck owner mentioned earlier. In the digital world, it could be offered to sellers on an online storefront, for times that they are unable to fulfil orders due to personal circumstances – keeping sellers on the platform with an enticing benefit.

Your solution is integrated with our tech services via API, ready for when a customer needs to claim. Our claims process is powered by advanced AI technologies, allowing for rapid straight through processing. Claims can be received, assessed, settled*, and paid to our local insurance partners without human input, helping you to put money in your customers’ pockets fast – meaning that micro entrepreneurs can recover from whatever inconvenience is impacting their income and get back to business.

Helping micro entrepreneurs stay afloat.

Running a business comes at great personal risk. When unable to trade and faced with unexpected costs through no fault of their own, micro entrepreneurs are vulnerable to loss of income, and often don’t have insurance to fall back on. An affordable MiIncome safety net helps reduce that risk by ensuring they have a buffer in times of hardship, ready to pay out in just a few clicks.

So, for when life happens micro entrepreneurs, be sure to have a MiIncome solution in place to help keep them in business!

Tell me more about MiIncome.

Thanks for reading our article. To learn more about MiIncome, visit our product page and get in touch with us below to discuss how we can help your business put money in your customers’ pockets in their time of need.

Further reading

No Income? No Problem! How MiIncome Enables Customer Support During Income Disruption

Protecting Gig Workers from Income Loss

Bouncing Back from Natural Disaster: Solving Individual and Economic Resilience with Micro Insurance

* 80% of claims turned around within 48 hours, May–Dec 2023.