Shared, multi-use work spaces are becoming more common and with their growing popularity comes specific insurance needs.
Brokers need to have a good understanding of who is using the space in order to make sure they’re protecting their clients, Chris Riverso, underwriting consultant at RSA, told Thompson’s. They also need to understand the relationship between the owner of the space and the clients who are using it, he noted, including what each party is responsible for, such as cleaning and security.
“Brokers need to work with their clients to understand how often they’re going to these places, what they’re bringing with them and ensure they have the procedures in place to make sure their property is safe, they’re protected from a liability perspective and that they have the right coverage in place,” Mr. Riverso said.
An office-type space would have similar coverage needs to a traditional office space, but users might also need to have coverage for office equipment such as laptops that they bring into the space. For spaces such as shared cooking spaces, shared artist spaces, and shared auto garages risks could include liabilities caused by fire risks and the need for specific types of cleaning in order to protect those using the space.
COVID-19 has also created extra risks for shared spaces, including ensuring that the space allows for social distancing, extra cleaning and the need for waivers.
“These types of risks are not only up and coming and becoming more important to the economy, but the insurance market does and can provide guidance and insurance options for them,” he said. “It isn’t something that either renters or owners should be afraid of from an insurance perspective.”
This article originally appeared in Thompson’s World Insurance News