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Proximity Launches Offering to Provide Insurance for Coworking and Flex Spaces

Proximity Protect provides workspace coverage and underwriting support for coworking and flex space operations.
Sponsored by

PRODUCT: Proximity Protect

COMPANIES: Multiple carriers

BEST RATING: Minimum carrier rating is A-

AVAILABILITY: Available on an open-brokerage basis with a finders fee arrangement

FOCUS: Proximity provides a full suite of operations technology to hundreds of flexible workspaces that rent offices, desks, meeting rooms and event space to more than 100,000 members in the Proximity Network. As a large segment of the country's workforce prepares to exit their homes and return to offices, the demand for flexible workspace is expected to dramatically increase among employers that will enable long-term flexible and remote work.

Proximity Protect is responding to a critical need for superior coverage and underwriting support for coworking and flex space operations. The brokerage solves a gap in flexible workspace coverage and meets increased safety and security demands across the industry.

“Coworking and flex space operators are at a significant disadvantage in the insurance marketplace because their industry is so new that no code exists for this class of business," says David Young, president, Proximity Protect. “For many underwriters, this results in an automatic decline as the risk cannot be rated, and coworking and flex space operators often end up with excess & surplus markets with less-than-optimal coverage."

COVERAGE DETAILS: Coverage is tailored to each specific risk. Highlights for the business owners policy for operators include $2 million/$4 million general liability coverage, business personal property, workers compensation, cyber liability and employment practices liability.

Other optional coverages include commercial auto, professional liability, directors & officers, crime coverage and umbrella liability.

UNDERWRITING: Varies by insurer, but the proprietary technology ensures a fast quote turnaround time.

TARGET: Coworking and flex space operators and their member companies. The program will accommodate nearly every type of office exposure within those spaces.

COVERAGE AVAILABILITY: All 50 U.S. states.

CONTACT: David Young, president, Proximity Protect; 303-378-4999.

Will Jones is IA editor-in-chief.

15963
Monday, July 26, 2021
Commercial Lines