Re: [Coworking] Insurance

[Tom Brandt]

Your landlord will likely require that you provide liability insurance insuring them against anything that might happen to someone while in the space. This is a pretty standard lease requirement. You will want similar coverage in case someone injures themselves or, God forbid, dies for some reason. We are insured up to $1,000,000 per occurrence, with a $2,000,000 cap.

Beyond that, you will want to investigate insuring your assets against theft and damage. This is pretty much adding up the value of the assets and insuring for that amount. We insure Workantile property, but not members' property.

Your example of a electrical surge damaging someone's computer is, I think, their problem. Electrical surges are a power company issue, not one of yours and I don't think you can be held responsible for it.

You might consider insuring against the revenue loss that would occur if the space is unusable due to fire or some other catastrophe. Typically, you would insure up to some number of months of revenue loss.

On Wed, Jul 11, 2012 at 9:58 AM, Andrew Harben <rigs...@gmail.com> wrote:

We are just setting up for 40 seats and are thinking about insurance, one of those subjects that can be a chore but is very necessary.

The coworkers will be aware of, and sign their acknowledgment to the fact, that they remain responsible for their own property at all times - easy enough. We are intending to have small lockers to rent, if they are staying or a week or month and don't want to carry their stuff to lunch or home every evening - they are still solely responsible. 

But the site will have machines for printing, servers for data and the like, so we need to cover these items for loss or damage. And we intend to provide 24/7 access to VIP members but there won't be sitestaff here all the time (there'll be an magswipe access door system, camera's etc.).

And what if their are charging their notebook and there is a major spike in the power supply.

So have you got any tips from your own experiences?

'Speak' soon

Andrew 

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@twbrandt

[Alex Hillman]

In addition to everything that Tom said (which is spot on with our arrangement), I strongly recommend speaking with an insurance agent that understands coworking, lest your policy costs go sky high.

I've referred our agent for The Hartford to people all over the US and they've been able to help or make recommendations.

Preston-Patterson Co., Inc.

P.O. Box 244

Conshohocken, PA 19428

Phone: (610) 834-0090

You can ask for Stuart or Diane and let them know that Alex from Independents Hall recommended you. We don't get any kickbacks on this, I just love recommending great people that "get it".

-Alex

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/ah

indyhall.org

coworking in philadelphia

[Craig Baute - Creative Density Coworking]

I went through Hartford as well and was overall very pleased with my experience and reasonable rates. I would just like to echo Alex's point of getting someone that understands coworking or else they will think you are an executive suite with a lot more extra equipment and furniture and will jack up your rates.

Craig

[Cody Sullivan]

Hi Alex,

My partner and I saw your recommendation for The Hartford in an older post. Do your reps deal beyond Philly? We found an agency that works with The Hartford in NYC, but unfortunately they just did not get coworking. By the way, a lot of your information has been extremely useful. We've been extremely busy since we just started, but we intend to give proper thanks to everyone on our site when we catch our breath.

Cheers,

Cody

batha.us

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@twbrandt

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[Alex Hillman]

Yep, they've worked with people outside of the area.

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indyhall.org

coworking in philadelphia

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[Tom Brandt]

Another insurance resource that "gets coworking" is Jeff DiCenzo, of Hylant Group in Ann Arbor. Jeff's number is 734-741-0044. We went through a couple of agents before we found Jeff, but he's been great for us. I don't know if he only works with people in Michigan or can work with people outside the state.

[Glen Ferguson]

I want to chime in here with my experience. We've been extending "buy local" to include more than farm produce. It took a couple of phone calls, but we located a local agency (only 4 blocks away) that handles multiple insurance companies. They took the time to "get" what coworking is, were able to work with our (also local) bank which needed proof of insurance for improvements were were doing, and they did the shopping for us among multiple insurance companies. After pricing Zurich, MetLife and who knows what else, they came back with a policy from Erie that was comparable on coverage, but better on price.

Don't forget the local guy.

Glen

coworkfrederick.com