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
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