View this article online: https://www.insurancejournal.com/news/national/2021/04/08/609094.htm
A Colorado-based workspace management software company has launched an insurance brokerage for coworking and flex space operators, members and tenants.
The new agency, Proximity Protect, is offering insurance policies nationwide through admitted insurers to the 100,000 members of Proximity’s network.
The agency is being launched by Proximity Space Inc., which provides operations technology to flexible workspaces that rent offices, desks, meeting rooms and event space. The platform gives firms the ability to reserve workspaces including private offices, dedicated desks and conference rooms.
As a large segment of the country’s workforce prepares to return to offices, the company says the demand for flexible workspace is expected to increase among employers that want to enable long-term flexible and remote work.
“The two themes I’m hearing repeatedly from the country’s companies are safety and security,” said Josh Freed, CEO of Proximity. “These are hurdles everyone is going to face as the country returns to work. It’s become clear that there’s a need for experts and solutions in the field of risk mitigation and management in the flex industry.”
Freed said the insurance agency aims to provide insurance and risk management at scale to operators and members of the spaces in its network. “There’s no reason spaces need to continue taking on the risk for most or all of their members,” he said.
The Proximity Protect platform allows space owners and managers to designate which types of memberships are required to carry insurance and to automatically collect, track and manage member insurance policies and certificates.
Policies currently available include property, general liability, workers’ compensation, employment practices liability and cyber liability. Coverage is available for coworking and flex spaces, as well as businesses that operate within these shared workspaces.
Proximity Protect promises to help space owners take a comprehensive approach to risk management and provides access to insurance programs that address the specific risks of operating in a flexible workspace environment.
Last year Proximity hired a risk management professional, David Young, who has 30 years of commercial insurance experience developing tailored programs for large groups and Fortune 500 corporate clients.
“Our goal is to educate the entire insurance industry on the coworking and flex industry,” says Young, who serves as president of Proximity Protect. “The insurance industry can be slow to innovate which leads to risks simply being declined or inadequate coverage provided for the space operator. We’re here to advocate for the industry and provide innovative solutions that so far, no one has managed to offer.”
Source: Proximity Space