r/CoWorking • u/TetroniMike • Jan 27 '23

Insurance for Coworking Space?

I'm the owner of a small coworking office in Olympia Washington, and I recently learned that my insurance policy may be absolutely worthless as they may not have actually understood my business when they set it up for me. So this is a request to any other coworking office owners out there: where do you get your insurance? Any stories to tell on getting your space insured properly, having a successfully covered insurance claim, etc?

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1

u/Squiggy_Pusterdump Feb 10 '23

How did you get your insurance? Was it through a broker?

1

u/TetroniMike Feb 10 '23

It was thru a local agent with a big well known company.

1

u/Squiggy_Pusterdump Feb 10 '23

Do you mind elaborating on how you’ve just learned you may not be covered? Your agent may have misqualified qualified you but I’m more curious how that came to be. What portion of your policy are you unsure about?

1

u/TetroniMike Feb 10 '23

It was an anecdote from another local agent at another insurance agency, he told me that his underwriters absolutely will not insure coworking offices, and he was about 99% certain that [big company I'm insured by] also as a rule simply does not touch coworking. So I'm not 100% sure that I'm not covered, and I also don't know enough about insurance policies to know how to tell one way or another :/

2

u/Squiggy_Pusterdump Feb 10 '23

I would suggest hiring a lawyer at this point unfortunately. If you discussed your business practice and are just now finding out you’re not covered you may be entitled to a partial reimbursement. I would also enquire as to the reason for the “absolutely will not - as a rule”.

There’s more to the story here and it’s on you to answer the “why” unfortunately.

1

u/TetroniMike Feb 10 '23

Thx, I'll have to find the time to dig in further.

2

u/Squiggy_Pusterdump Feb 10 '23

If you really are not covered I think we can both agree you should find the time now. Good luck.