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 <[email protected]> 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 > > Creative Blueprint > 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 > --- > 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 [email protected] > <javascript:_e(%7B%7D,'cvml','coworking%[email protected]');> > . > For more options, visit https://groups.google.com/d/optout. > > > -- > Visit this forum on the web at 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. > To unsubscribe from this group and all its topics, send an email to > [email protected] > <javascript:_e(%7B%7D,'cvml','coworking%[email protected]');> > . > For more options, visit https://groups.google.com/d/optout. > -- Sent from Gmail Mobile -- Visit this forum on the web at http://discuss.coworking.com --- You received this message because you are subscribed to the Google Groups "Coworking" group. 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