As a relatively new asset class, the flexible workspace quickly outpaced advances in commercial insurance offerings, leaving operators with no coverage options, operators and competitive prices. Proximity Protect is designed to help space owners take a comprehensive approach to risk management and provides access to customized insurance programs that address the unique risks of operating in a flexible work environment.
Proximity provides a complete set of operations technology for hundreds of flexible workspaces that rent offices, desks, meeting rooms and event space to more than 100,000 members of the Proximity Network. As a large segment of the country’s workforce prepares to leave their homes and return to offices, the demand for flexible working space is expected to increase dramatically among employers, which will allow long-term flexible and remote work.
“The two themes that I hear repeatedly from companies in the country are security and protection”, says
Last year, Proximity hired a risk management veteran
“Our goal is to educate the entire insurance industry about 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 simply declined risks or inadequate coverage provided to the space operator. We are here to defend the industry and provide innovative solutions that so far no one has been able to offer.”
Previous attempts at programs in the coworking sector largely focused on partnerships with third-party agencies that were used to provide group discounts but were unable to provide specific coverage for the sector.
Taking advantage of the size of the Proximity Network, Proximity Protect offers policies across the country through direct consultations with A-rated and admitted insurers.
“We are working to create a specialized insurance broker with the sole purpose of providing solutions at scale to all operators and members of our network spaces,” says Freed. “There is no reason why spaces need to continue to take the risk for most or all of their members.”
The Protect implementation includes new features from insurtech that allow space owners and managers to designate what types of associations are needed to insure and to automatically collect, track and manage insurance policies and member certificates on the Proximity platform.
Policies currently available through the Proximity Protect program include ownership, general liability, workers compensation, liability for employment practices and cyber liability. Coverage is available for coworking and flex spaces, as well as for companies operating within these shared workspaces. More information is available at www.proximity.space/protect.
Proximity is the workspace management platform that connects people and places. Flexible workspace and coworking operators use Proximity to manage memberships, check-ins, reservations, conference rooms, digital door access, Wi-Fi control, billing and events. Hundreds of workspace locations in the Proximity Network are accessible to remote companies, distributed teams and entrepreneurs around the world. Learn more at www.proximity.space.
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SOURCE Proximity Space