# Business Insurance **URL:** \ **Category:** Expenses\ **Created:** [February 12, 2016, 5:06pm UTC](https://forum.coworking.org/t/business-insurance/5737 "2016-02-12T17:06:02Z")\ **Posts on this page:** 8\ **Page:** 1
**Author:** ![Renee\_Laliberte](https://forum.coworking.org/letter_avatar_proxy/v4/letter/r/edb3f5/32.png) [@Renee\_Laliberte](https://forum.coworking.org/u/Renee_Laliberte)\ **Post date:** [February 12, 2016, 5:06pm UTC](https://forum.coworking.org/t/business-insurance/5737/1 "2016-02-12T17:06:02Z")
Hello! This is my first time posting but I've been reading posts for several weeks and I have found some invaluable information, so thanks! I am opening a Coworking space in Markham (a suburb of Toronto) and I'm negotiating an offer to lease a space. I have some questions about business insurance... 1- What insurance companies have Coworking owners/operators used in Ontario for their business insurance? I am shopping and don't know where to start! What do I ask for? How much are people paying in premiums? Looking for a ballpark... 2- What should the landlord's insurance cover and what should my tenant's insurance cover when it comes to the space? I am looking at leasing a space in a commercial condo, one unit in a plaza of about a dozen or so commercial units. This is what the landlord has put in the offer to lease: "10. INSURANCE: The Tenant shall provide the Landlord an insurance certificate with Landord as an additional insured party, and agree to insure the followings: i. Property of every description owned and operated by the Tenant, including but not limited to stock in-trade, furniture, alteration and other improvements not less than 100% of the replacement thereof; ii. Public liability coverage of 2 million dollars against personal injury, fire and other perils, contractual liability; iii. Plate glass replacement; iv. Broad form Boiler, machinery, air conditioning equipment and electrical apparatus; v. Business interruption insurance in such amount will reimburse the Tenant for any direct or indirect loss of earning attributable to all perils." I'm looking for opinions on iv. & v. mostly. Thanks for your help! Cheers 🙂 Renée ---
**Author:** ![alex](https://forum.coworking.org/user_avatar/forum.coworking.org/alex/32/338_2.png) [@alex](https://forum.coworking.org/u/alex)\ **Post date:** [February 15, 2016, 11:52pm UTC](https://forum.coworking.org/t/business-insurance/5737/2 "2016-02-15T23:52:18Z")
Welcome to the list, Renee! > 1- What insurance companies have Coworking owners/operators used in > Ontario for their business insurance? I am shopping and don't know where > to start! What do I ask for? How much are people paying in premiums? > Looking for a ballpark... This varies tremendously from region to region, so I highly recommend hitting up the Coworking Ontario group: [http://coworkingontario.ca](http://coworkingontario.ca) > 2- What should the landlord's insurance cover and what should my tenant's > insurance cover when it comes to the space? I am looking at leasing a space > in a commercial condo, one unit in a plaza of about a dozen or so > commercial units. This is what the landlord has put in the offer to lease: > > "10. INSURANCE: The Tenant shall provide the Landlord an insurance > certificate with Landord as an additional insured party, and agree to > insure the followings: > i. Property of every description owned and operated by the Tenant, > including but not limited to stock in-trade, furniture, alteration and > other improvements not less than 100% of the replacement thereof; > ii. Public liability coverage of 2 million dollars against personal > injury, fire and other perils, contractual liability; > iii. Plate glass replacement; > iv. Broad form Boiler, machinery, air conditioning equipment and > electrical apparatus; > v. Business interruption insurance in such amount will reimburse the > Tenant for any direct or indirect loss of earning attributable to all > perils." I think this is also a somewhat regional thing, but the only thing we're required to hold is 1 and 2. Insuring your own belongings is part of insuring a business, and public liability is pretty standard practice in leasing as far as I understand. But insuring \*their\* stuff? Plate glass? Building machinery? I'd personally push back on that unless local people say it's standard fare. My insurance agent Diane \<[http://dangerouslyawesome.com/2015/03/how-to-get-the-best-insurance-for-your-coworking-space/>](http://dangerouslyawesome.com/2015/03/how-to-get-the-best-insurance-for-your-coworking-space/>); (who many US spaces have worked with) unfortunately only works with US underwriters. But she may be knowledgable of industry practices in other regions. Hit me up off list if you'd like an intro 🙂 -Alex > **···** > > ------------------ > \*The #1 mistake in community building is doing it by yourself.\* > Join the list: [http://coworkingweekly.com](http://coworkingweekly.com) > Listen to the podcast: [http://dangerouslyawesome.com/podcast](http://dangerouslyawesome.com/podcast) ---
**Author:** ![Jamie\_Russo2](https://forum.coworking.org/user_avatar/forum.coworking.org/jamie_russo2/32/472_2.png) [@Jamie\_Russo2](https://forum.coworking.org/u/Jamie_Russo2)\ **Post date:** [February 16, 2016, 3:05pm UTC](https://forum.coworking.org/t/business-insurance/5737/3 "2016-02-16T15:05:20Z")
Renee, I reached out to Kane Willmott who owns IQ Office Suites in Toronto (also board member of the Global Workspace Association). He advised using an insurance broker to help advise you on what is common and what is not (of course they’d be slightly biased towards wanting to cover you) - he provided the contact info for his broker: _Ross Keegan BPHE, CAIB_ > **···** > > \*\* > > _McKiee & Farrar Limited_ > > _28 Colborne Street N.,_ > > _Simcoe, ON_ > > \*N3Y 3T9 \* > > \*\* > > _Phone: 519-426-2551_ > > _Fax: 519-426-1573_ > > _Email: [ro...@mckiee.com](mailto:ro...@mckiee.com)_ > > Best, > > Jamie > > Executive Director [Global Workspace Association](http://www.globalworkspace.org) > > Founder, [Enerspace Coworking](http://www.enerspacecoworking.com) > > On Monday, February 15, 2016 at 3:53:09 PM UTC-8, Alex Hillman wrote: > > > Welcome to the list, Renee! > > > > 1- What insurance companies have Coworking owners/operators used in Ontario for their business insurance? I am shopping and don’t know where to start! What do I ask for? How much are people paying in premiums? Looking for a ballpark… > > > This varies tremendously from region to region, so I highly recommend hitting up the Coworking Ontario group: [http://coworkingontario.ca](http://coworkingontario.ca) > > > > 2- What should the landlord’s insurance cover and what should my tenant’s insurance cover when it comes to the space? I am looking at leasing a space in a commercial condo, one unit in a plaza of about a dozen or so commercial units. This is what the landlord has put in the offer to lease: > > > > > > "10. INSURANCE: The Tenant shall provide the Landlord an insurance certificate with Landord as an additional insured party, and agree to insure the followings: > > > > > > i. Property of every description owned and operated by the Tenant, including but not limited to stock in-trade, furniture, alteration and other improvements not less than 100% of the replacement thereof; > > > > > > ii. Public liability coverage of 2 million dollars against personal injury, fire and other perils, contractual liability; > > > > > > iii. Plate glass replacement; > > > > > > iv. Broad form Boiler, machinery, air conditioning equipment and electrical apparatus; > > > > > > v. Business interruption insurance in such amount will reimburse the Tenant for any direct or indirect loss of earning attributable to all perils." > > > I think this is also a somewhat regional thing, but the only thing we’re required to hold is 1 and 2. Insuring your own belongings is part of insuring a business, and public liability is pretty standard practice in leasing as far as I understand. > > > > > > But insuring _their_ stuff? Plate glass? Building machinery? I’d personally push back on that unless local people say it’s standard fare. > > > > > > [My insurance agent Diane](http://dangerouslyawesome.com/2015/03/how-to-get-the-best-insurance-for-your-coworking-space/) (who many US spaces have worked with) unfortunately only works with US underwriters. But she may be knowledgable of industry practices in other regions. Hit me up off list if you’d like an intro 🙂 > > > > > > -Alex > > > > > > * * * > > > **The #1 mistake in community building is doing it by yourself.** > > > Join the list: [http://coworkingweekly.com](http://coworkingweekly.com/) > > > Listen to the podcast: [http://dangerouslyawesome.com/podcast](http://dangerouslyawesome.com/podcast) ---
**Author:** ![Renee\_Laliberte](https://forum.coworking.org/letter_avatar_proxy/v4/letter/r/edb3f5/32.png) [@Renee\_Laliberte](https://forum.coworking.org/u/Renee_Laliberte)\ **Post date:** [February 17, 2016, 1:04am UTC](https://forum.coworking.org/t/business-insurance/5737/4 "2016-02-17T01:04:15Z")
Thanks Alex, you echo my feelings about the insurance coverage. I tried contacting Coworking Ontario first before posting here but didn't hear back. I appreciate your help 🙂 ---
**Author:** ![Renee\_Laliberte](https://forum.coworking.org/letter_avatar_proxy/v4/letter/r/edb3f5/32.png) [@Renee\_Laliberte](https://forum.coworking.org/u/Renee_Laliberte)\ **Post date:** [February 17, 2016, 1:05am UTC](https://forum.coworking.org/t/business-insurance/5737/5 "2016-02-17T01:05:51Z")
Hi Jamie, thanks for reaching out on my behalf. I really appreciate the contact info. ---
**Author:** ![alex](https://forum.coworking.org/user_avatar/forum.coworking.org/alex/32/338_2.png) [@alex](https://forum.coworking.org/u/alex)\ **Post date:** [February 17, 2016, 1:06am UTC](https://forum.coworking.org/t/business-insurance/5737/6 "2016-02-17T01:06:33Z")
Rachel, Ashley and others from Coworking Ontario frequent this list so hopefully they’ll see you here! > **···** > > On Tuesday, February 16, 2016, Renee Laliberte [renee.l...@gmail.com](mailto:renee.l...@gmail.com) wrote: > > > Thanks Alex, you echo my feelings about the insurance coverage. I tried contacting Coworking Ontario first before posting here but didn’t hear back. I appreciate your help 🙂 > > > > – > > > > Visit this forum on the web at [http://discuss.coworking.com](http://discuss.coworking.com) > > > > * * * > > > > You received this message because you are subscribed to the Google Groups “Coworking” group. > > > > To unsubscribe from this group and stop receiving emails from it, send an email to coworking+…@googlegroups.com. > > > > For more options, visit [https://groups.google.com/d/optout](https://groups.google.com/d/optout). > > ## – > > The #1 mistake in community building is doing it by yourself. > Join the list: [http://coworkingweekly.com](http://coworkingweekly.com) > Listen to the podcast: [http://dangerouslyawesome.com/podcast](http://dangerouslyawesome.com/podcast) ---
**Author:** ![Ashley\_Proctor](https://forum.coworking.org/letter_avatar_proxy/v4/letter/a/90db22/32.png) [@Ashley\_Proctor](https://forum.coworking.org/u/Ashley_Proctor)\ **Post date:** [February 17, 2016, 12:27pm UTC](https://forum.coworking.org/t/business-insurance/5737/7 "2016-02-17T12:27:34Z")
Hi Renee, Thanks for reaching out! I’m seeing your question pop up in all of our channels, and you’re not the only one asking this week. Consider this a response from Coworking Ontario, Foundery and myself 😉 There isn’t one company in Ontario that I would recommend - each one is unique, and there is likely a few that will meet your needs. I would suggest using an insurance broker. In my experience, this is a free (and fantastic) service. They will shop around and do the comparison for you, bringing you the top options to review. Each landlord requires different insurance terms - your broker can ensure those are covered for you. The premiums vary across the province, and the rate will reflect the terms of your specific policy. In Ontario I’ve had policies for $60 /month and policies for $300 /month and it varies depending on the coverage I choose, size of space, number of members, type of building and location. You can combine 2 policies together (your business insurance policy and your business location insurance policy) but in some cases it may be in your interest to maintain 2 separate policies. The rate also changes if you are open to the general public, and if you offer additional products or services. If you are hosting events, serving alcohol etc in your space, the rate tends to be much higher than if you are not. If you want to adjust the policy price you can always play with your deductible, just as you can with auto insurance. In addition to covering your own property and liability, you can play with the amount of coverage you have for the belongings of others - this should simply be articulated in your members agreement. As for iv, this clause is standard and is easy to cover, just pass it on to your broker with the rest of the requests from the landlord. Clause v is a bit tricky - especially in your first year of operations, as it is difficult to prove / agree upon an amount, regardless of your coverage. It’s very similar to the experience of insuring artwork - the perception of value can change dramatically between parties. Ask your broker for some options and ask a lot of questions. They can help you navigate the insurance requirements in your lease and ensure you have the right type of coverage for your specific business. Good luck! Ashley Foundery [www.foundery.is](http://www.foundery.is) Creative Blueprint [www.creativeblueprint.ca](http://www.creativeblueprint.ca) The Foundery Buildings 376 Bathurst Street Toronto, Ontario, Canada > **···** > > On 2016-02-12, at 12:06 PM, Renee Laliberte wrote: > > > Hello! This is my first time posting but I’ve been reading posts for several weeks and I have found some invaluable information, so thanks! > > > > I am opening a Coworking space in Markham (a suburb of Toronto) and I’m negotiating an offer to lease a space. I have some questions about business insurance… > > > > 1- What insurance companies have Coworking owners/operators used in Ontario for their business insurance? I am shopping and don’t know where to start! What do I ask for? How much are people paying in premiums? Looking for a ballpark… > > > > 2- What should the landlord’s insurance cover and what should my tenant’s insurance cover when it comes to the space? I am looking at leasing a space in a commercial condo, one unit in a plaza of about a dozen or so commercial units. This is what the landlord has put in the offer to lease: > > > > “10. INSURANCE: The Tenant shall provide the Landlord an insurance certificate with Landord as an additional insured party, and agree to insure the followings: > > i. Property of every description owned and operated by the Tenant, including but not limited to stock in-trade, furniture, alteration and other improvements not less than 100% of the replacement thereof; > > ii. Public liability coverage of 2 million dollars against personal injury, fire and other perils, contractual liability; > > iii. Plate glass replacement; > > iv. Broad form Boiler, machinery, air conditioning equipment and electrical apparatus; > > v. Business interruption insurance in such amount will reimburse the Tenant for any direct or indirect loss of earning attributable to all perils.” > > > > I’m looking for opinions on iv. & v. mostly. Thanks for your help! > > > > Cheers 🙂 > > Renée > > > > ## – Visit this forum on the web at [http://discuss.coworking.com](http://discuss.coworking.com) > > > > You received this message because you are subscribed to the Google Groups “Coworking” group. > > To unsubscribe from this group and stop receiving emails from it, send an email to [coworking+...@googlegroups.com](mailto:coworking+...@googlegroups.com). > > For more options, visit [https://groups.google.com/d/optout](https://groups.google.com/d/optout). ---
**Author:** ![Renee\_Laliberte](https://forum.coworking.org/letter_avatar_proxy/v4/letter/r/edb3f5/32.png) [@Renee\_Laliberte](https://forum.coworking.org/u/Renee_Laliberte)\ **Post date:** [February 19, 2016, 5:29pm UTC](https://forum.coworking.org/t/business-insurance/5737/8 "2016-02-19T17:29:01Z")
Hi Ashley Thank you so much for this information! I wasn’t sure which avenue was best for asking questions so I covered them all! Thanks for you understanding. This helps me a lot. Do you have any brokers or brokerage companies that you would recommend? Cheers Renee > **···** > > On Wednesday, 17 February 2016, Ashley Proctor [ash...@foundery.is](mailto:ash...@foundery.is) wrote: > > > Hi Renee, > > > Thanks for reaching out! > > > I’m seeing your question pop up in all of our channels, and you’re not the only one asking this week. > > > Consider this a response from Coworking Ontario, Foundery and myself 😉 > > > > > > There isn’t one company in Ontario that I would recommend - each one is unique, and there is likely a few that will meet your needs. > > > I would suggest using an insurance broker. > > > In my experience, this is a free (and fantastic) service. > > > They will shop around and do the comparison for you, bringing you the top options to review. > > > > > > Each landlord requires different insurance terms - your broker can ensure those are covered for you. > > > The premiums vary across the province, and the rate will reflect the terms of your specific policy. > > > In Ontario I’ve had policies for $60 /month and policies for $300 /month and it varies depending on the coverage I choose, size of space, number of members, type of building and location. > > > > > > You can combine 2 policies together (your business insurance policy and your business location insurance policy) but in some cases it may be in your interest to maintain 2 separate policies. > > > The rate also changes if you are open to the general public, and if you offer additional products or services. > > > If you are hosting events, serving alcohol etc in your space, the rate tends to be much higher than if you are not. > > > If you want to adjust the policy price you can always play with your deductible, just as you can with auto insurance. > > > In addition to covering your own property and liability, you can play with the amount of coverage you have for the belongings of others - this should simply be articulated in your members agreement. > > > > > > As for iv, this clause is standard and is easy to cover, just pass it on to your broker with the rest of the requests from the landlord. > > > Clause v is a bit tricky - especially in your first year of operations, as it is difficult to prove / agree upon an amount, regardless of your coverage. > > > It’s very similar to the experience of insuring artwork - the perception of value can change dramatically between parties. > > > > > > Ask your broker for some options and ask a lot of questions. > > > They can help you navigate the insurance requirements in your lease and ensure you have the right type of coverage for your specific business. > > > > > > Good luck! > > > Ashley > > > > > > Foundery > > [www.foundery.is](http://www.foundery.is) > > > > > > Creative Blueprint > > > [www.creativeblueprint.ca](http://www.creativeblueprint.ca) > > > > The Foundery Buildings > > 376 Bathurst Street > > Toronto, Ontario, Canada > > > On 2016-02-12, at 12:06 PM, Renee Laliberte wrote: > > > > Hello! This is my first time posting but I’ve been reading posts for several weeks and I have found some invaluable information, so thanks! > > > > > > I am opening a Coworking space in Markham (a suburb of Toronto) and I’m negotiating an offer to lease a space. I have some questions about business insurance… > > > > > > 1- What insurance companies have Coworking owners/operators used in Ontario for their business insurance? I am shopping and don’t know where to start! What do I ask for? How much are people paying in premiums? Looking for a ballpark… > > > > > > 2- What should the landlord’s insurance cover and what should my tenant’s insurance cover when it comes to the space? I am looking at leasing a space in a commercial condo, one unit in a plaza of about a dozen or so commercial units. This is what the landlord has put in the offer to lease: > > > > > > “10. INSURANCE: The Tenant shall provide the Landlord an insurance certificate with Landord as an additional insured party, and agree to insure the followings: > > > i. Property of every description owned and operated by the Tenant, including but not limited to stock in-trade, furniture, alteration and other improvements not less than 100% of the replacement thereof; > > > ii. Public liability coverage of 2 million dollars against personal injury, fire and other perils, contractual liability; > > > iii. Plate glass replacement; > > > iv. Broad form Boiler, machinery, air conditioning equipment and electrical apparatus; > > > v. Business interruption insurance in such amount will reimburse the Tenant for any direct or indirect loss of earning attributable to all perils.” > > > > > > I’m looking for opinions on iv. & v. mostly. Thanks for your help! > > > > > > Cheers 🙂 > > > Renée > > > > > > ## – Visit this forum on the web at [http://discuss.coworking.com](http://discuss.coworking.com) > > > > > > You received this message because you are subscribed to the Google Groups “Coworking” group. > > > To unsubscribe from this group and stop receiving emails from it, send an email to [coworking+...@googlegroups.com](mailto:coworking+...@googlegroups.com). > > > For more options, visit [https://groups.google.com/d/optout](https://groups.google.com/d/optout). > > > > > > – > > > > Visit this forum on the web at [http://discuss.coworking.com](http://discuss.coworking.com) > > > > * * * > > > > You received this message because you are subscribed to a topic in the Google Groups “Coworking” group. > > > > To unsubscribe from this topic, visit [https://groups.google.com/d/topic/coworking/JD3QPowStUA/unsubscribe](https://groups.google.com/d/topic/coworking/JD3QPowStUA/unsubscribe). > > > > To unsubscribe from this group and all its topics, send an email to [coworking+...@googlegroups.com](mailto:coworking+...@googlegroups.com). > > > > For more options, visit [https://groups.google.com/d/optout](https://groups.google.com/d/optout). > > – > Sent from Gmail Mobile