In the modern world, coworking has become common, with many businesses joining the bandwagon. A large percentage of both traditional businesses and tech startups are flocking to these affordable and tenant-friendly arrangements. With their unique design, these spaces offer all the amenities and benefits that come with coworking. They make employees feel at home with a conducive working environment.
While these spaces are ideal for business, they have some risks. In any shared or public space, lost, damaged, or lost property is a serious concern. It can result in financial losses, especially if it is what you need to operate your business. Considering that startup insurance won’t cover some of these risks, you should consider getting coworking space insurance that covers such cases.
Therefore, we will discuss the importance of business insurance for coworking spaces, liability insurance for coworking spaces and what it covers. We will also mention coworking insurance cost and some of the best coworking space insurance companies from whom you can get it.
The average coworking space insurance cost is roughly $40 per month or around $480 annually for a $1 million general liability coverage. It is important to note that several factors influence the cost of coworking space insurance. For instance, the location of your business could result in higher or lower insurance costs. This is because some states have insurance policy limits that every coworking space business should have. If you are in such a state, you could spend more on your coworking space insurance coverage.
The size of your business will also influence the cost of insurance. If you are an established coworking business with many employees, you will need a higher insurance package that costs more. Furthermore, the time of policy you choose affects the total cost. To give you an accurate estimate of the cost of co-working space insurance, here is a summary of how top insurance companies charge monthly and annually.
|Online coworking space insurance quote comparison
|On-Demand Coworking Space Insurance Policies
|Tailored coworking space insurance coverage
|Larger coworking spaces
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Coworking spaces are useful because they provide the office equipment and amenities needed for work. Some of these things include chairs, desks, high-speed internet, food and drinks, and, in some cases, presentation equipment and desktops. These tools make work easier and efficient. In most cases, coworking owners and managers have liability insurance for coworking spaces or some other kind of business insurance for corking spaces since lease terms require that. This is necessary, especially if they don't directly own the property. If you own such a space, you shouldn't rely on property insurance alone.
This is because this policy does not cover some accidents and claims. Therefore, you should consider getting general liability insurance that covers a wide range of claims. Even though it covers third-party bodily injuries and damage, this policy is vital for your business. It also covers cases of copyright infringement, libel, and slander. You should purchase a comprehensive coworking space insurance that protects against any injuries triggered by your services.
If a person gets injured in your coworking space due to tripping over a loose wire, they can hold your coworking business liable. This is why you need business insurance for a coworking space to protect against such claims. Finding yourself in such situations without insurance cover could result in severe financial losses. Furthermore, for owners and managers, this insurance policy saves you money when a machine breaks down and needs repair.
Apart from general liability insurance with a public liability coverage, it would help if you also had professional liability insurance. This is crucial because it protects your coworking business if a client files a claim against it. For instance, if a client feels that your coworking space doesn't meet your advertised standards, they could file a lawsuit. Even the smallest errors could lead to professional liability. For instance, things like unfinished projects or lack of enough spacing could trigger claims against your business. Professional liability insurance will not only protect your business but your clients as well since they can regain money lost to such lawsuits.
It would be best if you also had a BOP or business owner's policy. This is a combination of commercial property and general liability insurance. If you have several clients in your coworking space, this insurance policy is ideal for you. It protects your business from bodily injuries that occur within the coworking space. Additionally, it protects you from cases of theft or damage to equipment within the coworking space. This is why it is important to get a comprehensive insurance policy that covers every possible claim. By doing so, you prevent the risk of financial losses.
Coworking space insurance is very important for your business. Now that you know its benefits and what it covers, you might be thinking of purchasing it. Many insurance companies offer coworking space insurance. However, not all these companies offer the best policies for your business. This is why we have sampled and reviewed some of the best coworking insurance companies offering this policy. Read to know their pros, cons, and pricing for a $1 million general liability coverage.
SJL is an insurance company based in the UK. Having been in operation for five decades, this company understands what policies businesses need. As a coworking space business owner, you will benefit immensely from their policies. Their services can be found in several countries, making them accessible. Furthermore, SJL offers online services, meaning you can get quotes from wherever you are.
This insurance company offers comprehensive insurance policies. With SJL, your coworking business is protected against a wide range of claims that could lead to financial losses. You will also enjoy tailored insurance cover that is modified to suit your business. Most of their policies are affordable, with quotes starting from as low as $10 per month.
Tailored Co-working Space Insurance Coverage
Fast claim responsiveness
Not available in some countries
Best for: Tailored commercial coworking space insurance
Average cost: $50
Our rating: 10/10
Hiscox insurance is one of the most established insurance companies. With many years of experience, Hiscox prides itself in providing unique and comprehensive insurance cover. Being a global brand, you can access Hiscox services from almost any country. They also have a remarkable customer care support system that responds to your inquiries quickly. As a coworking space business owner, you will benefit from the various insurance policies they offer.
Hiscox offers coworking space insurance under its office insurance cover. Even though it is not tailored, this policy covers a wide range of claims that prevent losses.
Available in most countries
Covers third-party liabilities
Quick claim responsiveness
It doesn't offer tailored insurance for coworking space
Best for : Large coworking space business insurance
Average cost: $65 per month
Our rating: 10/10
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Lonnie Bell Insuranker
Policy Type: Business Insurance
Company name: Employers Insurance
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!