{"id":23349,"date":"2023-05-22T12:50:54","date_gmt":"2023-05-22T11:50:54","guid":{"rendered":"https:\/\/www.policybee.co.uk\/blog\/?p=23349"},"modified":"2025-03-13T14:27:31","modified_gmt":"2025-03-13T14:27:31","slug":"coworking-space-insurance-explained","status":"publish","type":"post","link":"https:\/\/www.policybee.co.uk\/blog\/coworking-space-insurance-explained","title":{"rendered":"Do I need insurance at a coworking space?"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"300\" src=\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/03\/shared-working-space-concept-shutterstock_1454199872.png\" alt=\"Two people working together, safe in the knowledge that they're covered by coworking space insurance\" class=\"wp-image-23283\" style=\"width:300px;height:150px\" srcset=\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/03\/shared-working-space-concept-shutterstock_1454199872.png 600w, https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/03\/shared-working-space-concept-shutterstock_1454199872-300x150.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<p>For a long time, freelancers and remote workers didn\u2019t have many options about where to work.<\/p>\n\n\n\n<p>It was a choice between the home office or sitting in a coffee shop worrying about how often you needed to buy something so you wouldn\u2019t be kicked out.<\/p>\n\n\n\n<p>Coworking spaces appeared in the early 2000s offering an alternative. A single shared space where you could work alongside other like-minded professionals.<\/p>\n\n\n\n<p>And they\u2019ve exploded in popularity. The number of coworking spaces around the world is projected to <a href=\"https:\/\/blog.gitnux.com\/coworking-statistics\/#:~:text=In%202023%2C%20an%20estimated%205.07,of%20the%20future%20of%20work.\" target=\"_blank\" rel=\"noreferrer noopener\">hit almost 42,000 by the end of 2024<\/a>.<\/p>\n\n\n\n<p>It\u2019s growing enormously in the UK too. Between 2019 and 2023, the number of coworking spaces across the country <a href=\"https:\/\/www.statista.com\/statistics\/754743\/volume-of-flexible-office-space-united-kingdom\/\" target=\"_blank\" rel=\"noreferrer noopener\">has doubled to over 6,000<\/a>.<\/p>\n\n\n\n<p>But why is it growing so much? The cultural shift from the COVID-19 pandemic is one of the main reasons.<\/p>\n\n\n\n<p>Our attitudes towards work have changed drastically. More and more of us want to work in a flexible environment. And work around things like childcare and health problems.<\/p>\n\n\n\n<p>Coworking spaces can give that flexibility. It doesn\u2019t come without its challenges, though.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Not all plain sailing<\/h2>\n\n\n\n<p>We know it\u2019s a great option for a lot of people. But coworking does have a few cons.<\/p>\n\n\n\n<p>Hosting clients can be a pain, and it can be difficult to find privacy when you need it. You also don\u2019t get much of a say in how the office is designed or laid out.<\/p>\n\n\n\n<p>Noise can become an issue too. Especially at peak times. And you have to make sure your data security is up to snuff to avoid the pitfalls of their insecure public Wi-Fi networks.<\/p>\n\n\n\n<p>You\u2019ll probably also run into some confusion around insurance. How does it work when you don\u2019t own the space? What insurance do you need for your business?<\/p>\n\n\n\n<p>Let\u2019s dispel some coworking space insurance myths and talk about what you need to have in place as a tenant.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Caught in a web<\/h2>\n\n\n\n<p>The first type of cover you\u2019ll need to think about is cyber insurance.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.policybee.co.uk\/cyber-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">Cyber insurance<\/a> covers the time, money, and expertise required to stop a cyber-attack. It\u2019ll also help you get back on your feet afterwards by covering the cost of any system repairs or legal advice you might need. <\/p>\n\n\n\n<p>Why do you need cyber insurance? Good question.<\/p>\n\n\n\n<p>A lot of coworking spaces offer internet to tenants through a shared Wi-Fi service. It\u2019s a cheap and efficient way to give everyone internet access. But a shared network is a lot less secure than a private one.<\/p>\n\n\n\n<p><a href=\"https:\/\/blog.gitnux.com\/coworking-statistics\/#:~:text=In%202023%2C%20an%20estimated%205.07,of%20the%20future%20of%20work.\" target=\"_blank\" rel=\"noreferrer noopener\">The average coworking space has 190 tenants<\/a>. That\u2019s a lot of people using the same network. And the more people using it, the less secure it becomes.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A step further&#8230;<\/h2>\n\n\n\n<p>The best way to ward off hackers is to use strong, unique passwords, a VPN, and two-step authentication on all your accounts.<\/p>\n\n\n\n<p>Without strong and unique passwords, hackers can easily breach one of your accounts and use the same password to hack your others. Two-step authentication adds another layer of security by requiring an extra code to log in, either through your phone or an authenticator app.<\/p>\n\n\n\n<p>A virtual private network, or VPN, hides your IP address, making it almost impossible for a hacker to view your activities and steal your data.<\/p>\n\n\n\n<p>Even with all these security measures in place, you can still be targeted. If you are hit by a cyber-attack, your sensitive data can be stolen or used to damage your clients.<\/p>\n\n\n\n<p>Cyber insurance protects you if the worst happens. It helps you recover from an attack, speak to your clients, safeguard your reputation, and be more prepared in the future.<\/p>\n\n\n\n<p>Even more importantly, it pays for any legal fees, compensation, and recovery costs. You can even add extra cover for financial cybercrime like phishing and <a href=\"https:\/\/www.policybee.co.uk\/blog\/a-guide-to-social-engineering-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">social engineering<\/a>. <\/p>\n\n\n\n<p>It\u2019s not just cyber-attacks that you need to worry about, though\u2026<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Protecting your kit in a coworking space<\/h2>\n\n\n\n<p>Next up, it\u2019s time to think about your kit.<\/p>\n\n\n\n<p>In a coworking space, people are always coming and going. Tenants, staff, clients, other visitors. All this footfall makes it much more likely that valuable equipment will be damaged or stolen.<\/p>\n\n\n\n<p>After all, you can\u2019t be at your desk every minute. And you don\u2019t want to take your stuff to the loo with you!<\/p>\n\n\n\n<p>As a tenant, this could be your laptop, smartphone, or camera. Or anything else you take with you to a coworking space.<\/p>\n\n\n\n<p>Let\u2019s say a fellow coworker is in a rush and bumps into your desk, spilling your coffee all over your brand-new laptop. You\u2019d be in a sticky situation without insurance.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.policybee.co.uk\/portable-equipment-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">Portable equipment insurance<\/a> pays to repair or replace any of your kit that\u2019s stolen or damaged. So you won\u2019t be left unable to work or have to front a hefty bill for a new piece of tech.<\/p>\n\n\n\n<p>It\u2019ll also cover you when you\u2019re commuting to and from your coworking space. And you\u2019ll even get some temporary kit on loan if yours takes some time to repair or replace.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A few coworking space insurance extras<\/h2>\n\n\n\n<p>When it comes to insurance for coworking spaces, there are a few other things you\u2019ll want to consider.<\/p>\n\n\n\n<p>If you work from one and employ other people, you\u2019ll still need <a href=\"https:\/\/www.policybee.co.uk\/employers-liability-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">employers\u2019 liability insurance<\/a>. Even if they work remotely from somewhere else.<\/p>\n\n\n\n<p>It sounds obvious, but there\u2019s a lot of confusion around working in spaces that don\u2019t belong to you. Needless to say, it\u2019s still a legal requirement in the UK so make sure you have it.<\/p>\n\n\n\n<p>If you leave your coworking space to visit clients, you should also think about <a href=\"https:\/\/www.policybee.co.uk\/public-liability-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">public liability insurance<\/a>. It pays for legal costs and compensation if there\u2019s an accident while you\u2019re visiting and it\u2019s your fault.<\/p>\n\n\n\n<p>You should also check whether you\u2019re covered under your landlord\u2019s public liability insurance. If an accident happens in your coworking space and it\u2019s found to be your fault, you might still need your own policy.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A space that works for everyone<\/h2>\n\n\n\n<p>The biggest appeal of a coworking space is that it\u2019s an inclusive, social, and collaborative environment.<\/p>\n\n\n\n<p>But that doesn\u2019t mean that things won\u2019t go wrong. Make sure you recognise the risks and have the right insurance in place.<\/p>\n\n\n\n<p>To find out more about the types of insurance we\u2019ve mentioned, take a look at our <a href=\"https:\/\/www.policybee.co.uk\/cyber-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">cyber<\/a>, <a href=\"https:\/\/www.policybee.co.uk\/portable-equipment-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">portable equipment<\/a>, and <a href=\"https:\/\/www.policybee.co.uk\/public-liability-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">public liability insurance<\/a> pages. Or, if you have any other questions, get in touch with us on <strong>0345 222 5391 <\/strong>or email <a href=\"mailto:contactus@policybee.co.uk\" target=\"_blank\" rel=\"noreferrer noopener\">contactus@policybee.co.uk<\/a>.<\/p>\n\n\n\n<p><em>Image used under licence from Shutterstock.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For a long time, freelancers and remote workers didn\u2019t have many options about where to work. It was a choice between the home office or sitting in a coffee shop worrying about how often you needed to buy something so &hellip; <a href=\"https:\/\/www.policybee.co.uk\/blog\/coworking-space-insurance-explained\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[290,132],"tags":[280,137,150,140],"class_list":["post-23349","post","type-post","status-publish","format-standard","hentry","category-self-employed-and-freelance-advice","category-small-business-advice","tag-coworking","tag-insurance-explained","tag-managing-risk","tag-running-a-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Do I need insurance at a coworking space?<\/title>\r\n<meta name=\"description\" content=\"Using a coworking space is great for networking and saving money. 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