Should you get commercial insurance if you rent co-working space?

Co-working has taken off in the past five years for a number of reasons. Not only does the concept allow for better collaboration among fellow entrepreneurs, but co-working spaces also present a more cost-effective means of professional office spaces. Should you get commercial insurance if you rent a co-working space in Plano, TX, though? The agents at Paragon Independent Insurance Agency can help you determine if such an indemnity policy is right for your company.

What a co-working contract includes

When you subscribe to co-working, you agree to pay a set amount every month to use the provided facilities. Most co-working space owners also include general liability coverage that pays for injuries to members as well as their clients. 

What the contract leaves out

A co-working contract does not include intellectual property. You may also find yourself out of luck in the instance of theft as many co-working spaces in Plano, TX do not assume responsibility for items lost or stolen on the premises. You essentially leave your equipment at the space at your risk when you do not have your own commercial insurance plan. 

Why you should invest in a commercial insurance policy

You can craft your commercial indemnity plan to pay for lost or damaged equipment at a co-working space. You can also use the policy to protect you in the instance that you are sued for giving advice to a client that ultimately leads to financial loss. 

Let Paragon Independent Insurance Agency help

Using co-working space may be an effective way to save on the rent and other monthly expenses associated with running a business. The option is not, however, a way for you to avoid commercial insurance altogether. 

Paragon Independent Insurance Agency can help you find an indemnity policy for your unique business. Call them today to get started with a quote for coverage