Vermont professionals who use shared coworking spaces are frequently still exposed to a variety of potential risks. If you run a business in the state that uses a common office, kitchen, art studio or woodshop, here’s why you might still want to protect your business with a business owners policy.
Do Vermont Professionals Who Use Shared Coworking Spaces Need a Business Owners Policy?
Vermont Professionals Who Use Coworking Spaces Still Face Risks and Need Insurance
Working in a shared coworking space may shield you from some potential risks that other businesses face. For example, you likely don’t have to maintain or insure a facility. You still, however, probably have some contents insurance needs, as well as liability insurance and business interruption insurance needs.
Contents Coverage May Help Protect Equipment, Supplies and Inventory
You’ll likely want contents coverage to insure the items that you bring to the shared coworking space you use. Unless you always bring your computer and other equipment with you every time you use the restroom or grab a coffee, there will probably be times when they’re left unattended and vulnerable. While you may want to trust everyone else who uses the space, an opportunistic thief could find their way in and grab items when yous step away for a moment. Contents coverage can help you protect your business’ equipment, supplies and inventory when you aren’t right next to them.
Liability Coverage May Offer Protection Against Certain Lawsuits
Liability coverage generally offers protection from covered accidents that your business is held responsible for. While you probably won’t be sued if someone falls and hurts themselves at the coworking space you use, there are other liability suits you could face. For example, your business might be:
Accused of slander or libel
Named in a false-advertising suit
Held responsible for injuries caused by products
Face some other type of liability lawsuit
Liability coverage, depending on a policy’s terms and conditions, may offer protection from suits like these.
Business Interruption Coverage May Offer Compensation for Covered Interruptions
Business interruption coverage is designed to help a business pay its bills if a covered incident causes an interruption in the business’ operations and thus, disrupts its income. Most businesses Vermont, including professionals, should consider getting business income interruption because few businesses can afford to not have income coming in.
If you rely on a coworking space, however, there’s a particular type of business interruption insurance that you may want. Contingent business interruption coverage may cover incidents that affect key businesses that you rely on -- such as coworking spaces. Depending on a contingent coverage’s terms and conditions, it might help you stay financially afloat if your coworking space is destroyed in a fire, goes out of business or closes for some other covered reason.
If you only use the space for a desk and internet, you might be able to go to a local cafe instead. If you rely on a shared kitchen or workshop, though, it may take time to find another place where you can make products to sell.
These Coverages Can Often Be Found in a Business Owners Policy
In most cases, the best way to procure these three coverages is through a business owners policy. BOPs combines these coverages into one policy, which lets business owners take advantage of discounts that insurers offer for getting multiple coverages together. The exact coverages included in a policy can often be adjusted to meet a particular business’ needs, including those of professionals who use coworking spaces.
Therefore, most professionals who use coworking spaces should consider getting a BOP.
Talk with an Independent Agent About a BOP
For help assessing your specific insurance needs and determining whether a business owners policy is truly the best way to protect your professional endeavors, contact an independent insurance agent in Vermont. An independent insurance agent will be able to explain how BOP coverages would apply to your particular situation, and they can help you request quotes for policies if you decide a BOP is right for you. If necessary, an agent can also recommend other insurance solutions that are also appropriate for your situation.