HomeCommercial Property Insurance. Do You Need Insurance for a Shared Space?

Do You Need Insurance for a Shared Space?

Do You Need Insurance for a Shared Space?

November 10, 2021 By Northeastern Group Ltd. Comments are Off , ,

Working in a shared office space is efficient, but it comes with unique challenges. Insurance provides a safety net against potential risks. Here is a look at why you need commercial property insurance for your shared space.

If you are operating your business out of a coworking space, commercial property insurance protects your business against possible risks. Without insurance, you would be responsible for replacing any equipment that is damaged or stolen. That can put a significant amount of financial strain on your business. Insurance will cover those lost or stolen items.

Why Insuring Your Business Is Important

While researching commercial property insurance, remember that general liability insurance is also important if you are operating your business in a shared space. Although your business is not entirely responsible for maintaining the office, it will be held liable if someone gets injured in your designated space. Coworking continues to become more popular every year, especially for small businesses. Coworking offers multiple advantages, but it increases the risk of your property being stolen or vandalized. Commercial property insurance protects your assets in ways that businesses and liability insurance do not.

Protecting Your Assets

In order to keep your business functioning at the highest level, you have to protect your computers, laptops, files, products, and customer data. It would likely cost well over a thousand dollars to replace all these assets if something happened to them. Commercial property insurance covers the replacement costs if an emergency arises.

Some Other Policies to Consider

There are other policies that you should consider purchasing to strengthen your business. These include:

  • Commercial property insurance- It protects your business against the cost of replacing or repairing your damaged furniture and equipment that are not covered by your coworking insurance policies.
  • Professional liability insurance– This policy can cover your business against possible claims regarding negligence in a service that you provided.
  • Business interruption insurance- While you are sharing workspaces, incidents may happen that damage your equipment or property, resulting in temporary shutdowns. In such cases, having business interruption insurance will help cover the lost income.
  • Cyber insurance-  Sharing a WiFi network with those in your coworking space also presents additional risks. There may be hackers seeking to steal confidential data or break into your network. Cyber liability insurance will protect your business from losses incurred during an unfortunate data breach.
  • BOP– Many small businesses choose a BOP policy because it combines commercial property and general liability insurance. A BOP is a good idea if your business operates out of shared office space, with the costs being lower than buying separate liability and property insurance policies.

    • Consult with Northeastern Group LTD

    Coworking can benefit your business in multiple ways. However, you have to plan for possible risks as well. With so much traffic in one area, accidents can happen at any time. Having adequate insurance is the easiest way for you to protect your assets and avoid a financial catastrophe. If you have any questions, contact the team here at Northeastern Group, LTD. We will help you find the right policy to protect your investment.

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