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Shared Workspaces And Its Impact On Your Business Owners' Policy

Businesses of all sizes and sorts are discovering the advantages of a shared workspace. This innovative work alternative may save your firm the cost, time, and worry of acquiring and maintaining its own space, whether to handle a few new staff, an entire team, or the full operation.

So how do shared workspaces affect your business owner policy? Keep reading to find out!

Businesses are exposed to risks and require insurance

Working in a space without other people may protect you from the same hazards that other businesses experience. You probably don't have to manage or insure a facility, for example. You will most likely still require content insurance, as well as liability and business interruption insurance.

Assets Are Better Protected if They’re Insured

You'll almost certainly need content insurance to protect the items you bring into the space where you work. If you don't constantly carry your desktop and other devices with you when you go to the restroom or get some coffee, they'll most likely be left unattended and unprotected.

While you may wish to trust everyone else who uses the place, an opportunistic burglar may sneak in and steal something if you take a break for a time. When you aren't immediately next to your business's equipment, supplies, and inventory, contents insurance can help you safeguard them.

Certain Lawsuits May Cover by Liability Insurance

In most cases, liability insurance protects your company from being held liable in the event of a covered accident. While it's unlikely that someone will sue you if they slip and fall in your shared office space, you might be sued in other cases. Your company may, for example:

  • Convicted of libel or slander.

  • The plaintiff in a lawsuit alleging defamation.

  • Products are held liable for harm caused by them.

  • It's also possible that you'll be subject to responsibility litigation in the future.

Depending on the terms and circumstances, it may be possible to defend yourself from lawsuits like these.

To Wrap It Up

A company owner's policy is usually the easiest method to get these three coverages. By combining coverage options into a single policy, company owners may take advantage of insurers' reductions when various coverages are combined.

At Second Western Insurance Services, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (818) 952-5203 or Click Here to request a free quote. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!


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