Coworking businesses allow individuals from different professions to work in a shared space. Owners of such businesses face risks, including property damage or third-party injuries. Having the proper insurance in place may protect you from these exposures. The professionals at the Remo Insurance Agency can help you obtain a policy that fits your needs. Contact us today to get started.
What Is a Shared Space/Coworking Business?
Some workers may not have traditional office spaces. Shared space or coworking businesses provide an option for those looking for a place to work. These businesses may allow them to reduce costs by sharing building management services and office amenities. They may also provide an opportunity to network, collaborate and build a community.
Examples of workers who may utilize coworking spaces include the following:
- Frequent travelers
- Independent contractors
- Remote workers
- Self-employed professionals
What Coverages Should Shared Space/Coworking Businesses Consider?
There are several coverages shared space/coworking businesses should consider to protect themselves and their members. Options may include:
- General liability insurance. This may provide coverage if your business is responsible for the property damage or injuries of third parties. For example, if a wet floor led to a slip and fall injury, your company may be liable. This insurance may pay for medical expenses and associated legal fees. It also may provide coverage for unintentional advertising injuries (e.g., copyright or trademark infringement).
- Commercial property insurance. Securing commercial property insurance may provide protection for your business’s assets (e.g., your equipment, furniture or owned building) if they are damaged by covered perils such as fires or severe weather.
- Business interruption insurance. If you have to temporarily close your space due to a covered peril, business interruption insurance may help pay for overhead expenses such as rent and taxes until you can reopen. It may also help replace lost income that resulted from the closure.
- Cyber liability insurance. Cyber liability insurance may provide coverage if a cyber attack or data breach occurs. It may provide expenses associated with notifying affected parties, and it may help cover fines and legal fees.
Other coverages may be available. You may also be able to bundle policies into a business owners policy, or BOP. Doing this may be more convenient and cost-effective. Speak with your agent about options, exclusions and limits. It is also essential to ensure your agent knows the nature of your business so they can help you secure the proper coverage.
How Much Does Insurance for Shared Space/Coworking Businesses Cost?
Numerous factors can affect the cost of insurance. Variables such as the location and size of your shared space/coworking business, your selected coverages and limits and your claims history may impact premiums.
Contact Us Today
The team at Remo Insurance Agency is ready to help you find the coverage you need that fits your budget. Contact us today for more information or a quote.