Workspace management software company Proximity Space Inc. has launched Proximity Protect, a specialty, nationwide insurance brokerage offering coverage for coworking and flex space operators, members and tenants.
According to the company, Proximity Protect is the nation’s first brokerage to fully specialize in insurance for flexible workspaces and their members.
As a relatively new asset class, flexible workspace operators face few options for coverage, carriers and competitive pricing. Proximity Protect said it will focus on risk management for space owners and provide access to tailored insurance programs for the risks of operating in a flexible workspace environment.
Proximity provides 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 return to offices, Proximity expects the demand for flexible workspace to increase among employers.
Proximity hired risk management veteran David Young, a lecturer with the University of Colorado at Denver Business School teaching for the risk management and insurance degree program. Young has 30 years of commercial insurance experience developing programs for large groups and Fortune 500 firms.
Young said Proximity’s goal is to educate the entire insurance industry on the coworking and flex industry.
“The insurance industry can be slow to innovate, which leads to risks simply being declined or inadequate coverage provided for the space operator,” he said.
Policies currently available through the Proximity Protect program 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.
The Protect rollout includes new insurtech features that enable 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 in the Proximity platform.
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