Waypoint Insurance - Risk & Business Magazine Waypoint Insurance Magazine Winter 2017 - Page 28

COLLABORATING Collaboration Is King T he traditional business landscape is rapidly changing. More companies are allowing their employees to work remotely, and many other people are taking the entrepreneurship plunge and starting their own company. It has been estimated that by 2018, there will be 12,000 coworking buildings worldwide. Co-working is an environment where there are numerous individuals or businesses working in the same space. Each person or business rents a desk or office for specific periods of time, varying from months, weeks, days, or even hours. Tech-based start-ups or new ventures are focused on early-stage growth. Alternatives to the standard co-working environment exist for these tech companies and are known as accelerators or incubators. In these spaces, programs and education are provided along with the office space and its facilities. This provides an alternative to standard office space and can aid in the rapid growth of a start-up or new venture. As you can imagine, there are many perks to working in a shared office space. Facilities paid for in your “rent” might include high-speed Internet access, phone options, shared common areas, meeting rooms, and a professional address to provide to clients. There are also intangible benefits like access to new communities and markets for remote employees to work in and the opportunity to collaborate with other businesses. Co-working spaces bring multiple levels of risk for business insurance coverage. Businesses or employees working in a shared environment must understand that although the space is rented and belongs to someone else, they are still working for themselves and hold their own risk and business liability, whatever their operations are. Basic property insurance coverage is available if you are storing equipment, computers, or other property at these offices. Make sure your insurance policy is updated with this new location, even if this is a temporary space. The risk of cyber-attacks are becoming a higher threat for those working in a shared working environment due to the type of ventures in these spaces and the technical-based platforms being utilized. Not only does running a business expose one to cyber risks but the businesses working in these spaces are accessing shared networks and other forms of technology that opens the door to a higher chance of risk. Our commercial insurance experts have a passion for business, and they work to keep up with the latest trends in co-working, technology, and cyber insurance coverage to help you get the most from your insurance coverage. + With a Bachelor degree in commerce, and a specialization in technology, Josh Brocklebank provides his clients with valuable insurance advice and understands the landscape in which businesses today operate. Josh is based in the Parksville branch of Waypoint and works with clients all over British Columbia to maximize the value of their insurance. Contact Josh or any one of our Waypoint professionals, call 310-8442 or visit us online at waypointinsurance.ca. BY: josh brocklebank WAYPOINT INSURANCE 28