For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
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.
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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.
Company | Monthly | Yearly | Best for |
---|---|---|---|
Coverwallet | $25 | $300 | Online coworking space insurance quote comparison |
Next Insurance | $35 | $420 | Fastest policy |
Thimble Insurance | $30 | $360 | On-Demand Coworking Space Insurance Policies |
SJL Insurance | $50 | $500 | Tailored coworking space insurance coverage |
Hiscox Insurance | $65 | $650 | 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
Affordable
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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Terrible customer service. I got this insurance for my Amazon store when I ran one, took a break and cancelled all my subscriptions. I called these guys and they recommended sending an email. They never responded and have been charging me since then. Definitely going to dispute via the bank. Hate when businesses take advantage of other small businesses for their own gain.
I purchased a year long policy for my small business I paid for the year up front. First they sent me the incorrect paperwork and acted as if I had something to do with the mistake. About three weeks later I received a bill for the policy. I then sent countless email as the payment did clear my account. About a week later I'm told they have no record of my payment. Now I have to send any documents proving I said then. It went on for weeks. More requests of proof from this person then another. Every conversation had an under lying tone of me being dishonest. Finally I just gave up with them and filed a despite with my bank which took all of three days.. So now I'm continuing to receive emails that my policy is past due and will be cancelled. Funny, I was told I didn't have a policy because they couldn't locate it.
Purchased the General Liability policy I needed to fulfill a contract for my hiring party. Simply Business made it very easy to complete an application and review multiple quote options. Ended up purchasing a policy for 1/2 of what I originally was told by my agent.
I insured my small business with them from early 2016 to January 2022. I had a workman's compensation policy with them the entire time for my staff of approximately 10 people which fluctuated up and down minimally over the years. We ran a very safe operation and never had so much as one claim. I sold my business in early 2022 and cancelled my policy which triggered a final audit of $2871.00 which was owed back to me. Of course I dissolved my LLC immediately after selling the business and thus closed my bank checking account at the advise of my accountant. Though my name was on the business policy, Employers Preferred Insurance Company refused to issue a check to me directly as the policy holder due to...you guessed it, policy. Long story short, if you sell your business keep a small amount deposited in the checking account because it's almost a guarantee that companies such as Employers will use their policy to weasel their way out of money owed after the dissolution of a business. I should have known that I would be treated a just another number shortly after I signed with them as the sales agent just disappeared after I was set up for an online account to manage my policy. My next business venture will entail me working with an actual insurance agent who has an office in an actual brick and mortar building!
Long term insurance claim denied for my mother after 31 years of paying. Please never give this company a dime. You will not get your money back!