California Democrats are poised to pass landmark employment legislation over the objections of two of the companies that would be most affected: Silicon Valley ride-sharing giants Uber Technologies Inc. and Lyft Inc. The bill already passed the State Assembly 59-15 and is expected to be voted on in the state Senate before the legislative session… Continue reading Uber, Lyft Poised to Lose Fight Against California Bill to Label Drivers Employees
Tag: Lyft
California Lawmakers to Decide Who’s An Employee
Days before California lawmakers act on legislation to force employers to treat independent contractors as employees, questions remain over which industries will secure an exemption in what’s considered the most consequential labor bill of the year. Assembly Bill 5 would codify the 2018 California Supreme Court “Dynamex” decision that restricts when employers can classify workers… Continue reading California Lawmakers to Decide Who’s An Employee
Uber, Lyft Executives Urge California Compromise on Driver Independent Contractor Status
Faced with legislation in California that endangers their business model, Uber Technologies Inc. and Lyft Inc. are urging a compromise that would keep their drivers from being considered employees. “We can make independent work better if we update century-old employment laws,” Uber Chief Executive Officer Dara Khosrowshahi and Lyft co-founders Logan Green and John Zimmer… Continue reading Uber, Lyft Executives Urge California Compromise on Driver Independent Contractor Status
Lyft Investors Sue Over Slump, Claiming Overhyped IPO
Lyft Inc. was sued by investors who claim the ride-sharing company overstated its market position when it went public last month, leading to a dramatic plunge in its stock price. Two separate class-action complaints against Lyft, as well as its officers and directors and underwriters, were filed Wednesday in state court in the company’s hometown,… Continue reading Lyft Investors Sue Over Slump, Claiming Overhyped IPO
Uber’s $2.94 Billion Insurance Unit Illuminates Challenge of Disruptive Businesses
Ride-sharing companies such as Uber Technologies Inc. and Lyft Inc. have become ubiquitous, but the risks attached to their business models have yet to be fully embraced by the mainstream insurance industry. Because of this, both companies have had to manage the risk largely on their own, and are devoting increasing amounts of capital to… Continue reading Uber’s $2.94 Billion Insurance Unit Illuminates Challenge of Disruptive Businesses
Nationwide Partners with Slice Labs to Develop On-Demand Auto Insurance for Rideshare Drivers
As the number of rideshare drivers continues to increase in the U.S., many face a complex gauntlet when seeking auto insurance solutions to meet their needs. Nationwide has taken an innovative step to develop on-demand rideshare insurance solutions for drivers who work for transportation network companies (TNC), such as Uber and Lyft, through its new… Continue reading Nationwide Partners with Slice Labs to Develop On-Demand Auto Insurance for Rideshare Drivers
Lyft’s $864 Million Insurance Unit Shows Ride Hailing Is a Risky Business
A three-paragraph section buried in Lyft Inc.’s nearly-800-page public offering document sums up the challenges of insuring unfamiliar risks born from newer business models. The ride-hailing company has established an elaborate system through a subsidiary effectively allowing it to insure its own risk, thereby lowering its costs, according to the stock-listing prospectus that Lyft filed… Continue reading Lyft’s $864 Million Insurance Unit Shows Ride Hailing Is a Risky Business
Lyft and Uber Look to Captives to Insure their Drivers
Ride-sharing giants Lyft Inc. and Uber Technologies Inc. seem to have found the same solution for dealing with the risks of managing millions of drivers on the road: Creating their own insurers in Hawaii. On Friday, Lyft told potential investors in its initial public offering about its insurance unit, Pacific Valley Insurance Co. Hawaiian public… Continue reading Lyft and Uber Look to Captives to Insure their Drivers