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Do I need commercial real estate insurance for a joint office?



If you work in a joint office, it is important that you are protected against specific risks. If your company works outside a partner space, a commercial property insurance provides extra protection. Office furniture and equipment owned by your company will be expensive to replace if a fire or other disaster occurs. Your commercial property insurance covers the cost of replacing lost or damaged furniture and equipment.

Coworking Spaces and Insuring Your Business

Your company contract may require you to have specific insurance policies. General liability insurance and commercial property insurance are crucial, even if you run your business in a joint office. Even if your company is not responsible for the maintenance of the office space, your company can be held liable if damage occurs in your area. Make sure you have the protection provided by commercial property insurance and liability insurance, wherever you are.

Coworking has become one of the most popular choices for small business owners. Coworking spaces offer a range of amenities that are extremely attractive; but even with all the perks and benefits, your business can be in jeopardy. When the area is divided, you need protection against the risk of lost, stolen or damaged property.

The owners or managers of a shared office will have business and liability insurance, but your business assets will not be covered. In the event of a disaster, privately owned equipment and furniture must be replaced. If your company has a joint office, it is wise to invest in commercial real estate insurance, which can be very affordable and a lifesaver in the event of a disaster.

Protecting Your Business Assets in a Shared Office Space

Your company-owned equipment, including laptops, computers, business files, private customer data and products in a shared office, must be protected against the risk of loss. These items are not covered by an owner's or trustee's insurance policy. The cost of replacement can be in the range of tens of thousands of dollars. If a natural disaster, theft or other situation leads to the loss of your business assets, you can get the compensation costs back through your commercial property insurance.

What type of commercial property insurance is right for a joint office? [19659003] A small business can be protected against losses with different types of insurance. The types of insurance available include:

  • BOP (package for business owners) Insurance : Many small businesses qualify for a packaged BOP insurance, which combines general liability insurance and commercial property insurance. BOP is often the best choice for companies working outside a joint office, as the cost is lower than buying general liability insurance and commercial property insurance separately.
  • Professional Liability Insurance : This type of insurance covers a company against claims related to errors in professional services. Often called E&O, or insurance against errors and omissions, the insurance protects against claims of negligence, inaccuracies or incorrect presentation.
  • Commercial Property Insurance : These insurances protect against the cost of replacing your business furniture and equipment, which are not covered by coworking space policy.

Is your company covered?

Get help from an experienced insurance agent when buying commercial real estate insurance. Not all transport companies offer insurance coverage for companies that work in partnerships.


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