Insurance Mistakes to Avoid When Leasing a Co-Working Space
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Each business has unique operational needs, processes, and goals. Co-working spaces present an exciting opportunity for small businesses and real estate professionals to bring together local companies and create a multi-functional, productive work environment. The unique characteristics of these spaces are exciting for a vibrant local business environment, however, they also pose unique insurance risks. Typical insurance policies may not cover all the intricacies that co-working spaces involve. For that reason, it is critical to get a full picture of your current policy, future concerns, and particular needs.
Read below to start thinking about your own co-working space arrangement and contact the team at Petley-Hare for insurance solutions that can be tailored to all business types.
5 Considerations for Insuring Your Co-Working Space
Think about these potential risks and liabilities, and then speak with a business insurance provider in Oshawa to make sure you and your property are protected from complications:
Don’t Assume Your Property is Covered – Even if you do not own the building, you are still liable for the space. Building insurance may be covered, but contents will likely be excluded from this. Additional coverage can help, but you should also be diligent when signing a lease. Inquire about the fire safety systems, maintenance procedures, any improvement plans, and other security and alarm systems. Keep in mind that interruption to your work and business income can be offset with the right business insurance policy.- Understand Liability – Even in low-risk workplaces, accidents happen. Just because you do not own the property, does not mean you can’t be held accountable. Customers, damage by contractors, issues caused by equipment malfunctions, and employee injuries need to be taken into account for your policy to truly protect your interests.
- Get to Know Your Neighbours – If the entire space is being run by an individual, he or she should confirm the business types of other tenants on the property and ensure lease agreements are suitable for a variety of commercial activities. Those using the co-working space should get to know fellow companies using the space. Basic information like industry, scope, length of time in the space, senior leadership, and customer traffic frequency and volume should be addressed before signing agreements. Discuss your findings with your insurance provider, who can determine the right liability coverage for your particular case.
- Understand Risks – Certain hazards become apparent and amplified when sharing a work space. Your Durham business insurance company needs to know as much as possible about your work environment in order to cover you from the probable and the unexpected risks that your company faces. Insurance does not need to be costly to be effective. Knowing and preparing for claims processes and issues will help you understand and weigh your risks.
- Plan Accordingly – Whether you currently work in a co-working space or are considering the move as your company grows and develops, it is important to make a solid plan for the future. From profits to personnel, your insurance company can help determine the right policy that takes into account future needs and current requirements. Make your insurance broker a part of the conversation and enjoy peace of mind that your business is covered, no matter what space it is operating from.
Work with the experienced team at Petley-Hare for more information about small business insurance in Durham, Oshawa, Pickering and surrounding areas. We can advise you on the best policies for co-working spaces or new offices and provide an insurance policy that is affordable and comprehensive. Run your business with the knowledge that you are protected from liability claims and accidents.
Contact our friendly team to amend your existing business insurance or create a customized policy. Call us at 1-800-216-5324 (toll free) or request a free, no obligation quote online today.