How Office Insurance Protects Hot-desk Spaces from Unexpected Liabilities

Just fifty years ago, anyone who had a white-collar job had no option but to work out of their employer’s office. These days, many freelancers, remote workers and entrepreneurs are lucky enough to have the option to work remotely. Renting a local hot desk space is one way these types of workers can access the conveniences of a traditional workspace without investing in a full-fledged office rental. However, this also means that, in many cases, they’re responsible for resolving any operational problems that take place so they can complete work on schedule. Office Insurance offers valuable protection for hot desk workers, and we'll explain why you should be considering Business Insurance from Budget Insurance if you use a hot desk space.

Hot desk offices: Why are they still popular?

Despite office-based work remaining the most common form of employment in South Africa, remote working, specifically hot desk working, is growing. Research indicates that while the African coworking market remains relatively small compared to the rest of the world, its market value could reach $40.47 billion by 2030.

So why would someone seek out a hot desk working space, and if you currently work remotely or are considering taking the jump, why should you consider one? Here are a few advantages you could look forward to.

Distraction-free working environment

Working from home isn’t a great option for everyone, especially if you share a home with pets, family members or are easily distracted. Many people find the temptation to stay in their pyjamas all day to be detrimental to their productivity. Instead, they financially commit to leaving the house for a set number of hours to complete work in a quiet, focused environment.

Project a professional image

While it’s entirely possible to operate a business out of your bedroom using just a laptop, there could come a time when you need to host a client meeting. Having them come to your home isn’t always professional, and you may not have the space. Renting a co-desk space can offer you access to a professional boardroom that can instil confidence in visitors and assure them that you mean business.

Access corporate facilities

Office equipment is useful but expensive, and you also can’t predict when or where you might need it. Why invest in an expensive copier or teleconferencing system if you’ll only need it once a month? Hot desk spaces give you access to everything you’d typically have access to in an office, but you’ll likely only pay for the time you use the space or the exact resources you use. This is more cost-effective and convenient.

Network and socialise

Building a network is a tried and tested way to grow your business by helping you find connections and clients. If you work remotely, your opportunities to organically meet other people decrease dramatically. Working in a hot desk space can expose you to a variety of professionals with whom you can develop relationships over several weeks or months of sharing a space. This can help you generate trusted leads, find possible employees or locate potential investors.

4 Ways Office Insurance protects hot-desk spaces against liabilities

Sold on the idea of renting a hot desk space or loving the one you’re using? Office Insurance is a form of Business Insurance that’s uniquely tailored to your situation. Plus, it can prevent a few headaches when the unexpected occurs. Here’s how it can do that.

1.    Public liability

Any business that involves you interacting with the public comes with the risk of public liability. Renting a hot desk space is no different, and should something happen to a supplier or client while in your space, you could be held responsible, even if you’re just renting it. Office Insurance can include public liability cover, which protects you against legal action and helps you to financially settle claims before they reach court — allowing you to preserve your reputation and funds.

2.    Contents coverage

You might need to bring personal equipment or assets into a hot desk space, and these items can get lost, damaged, or stolen. What you may not have considered is the time it can take to resolve an issue, and that you may not be able to use the item in question. Business Office Contents Insurance covers these items and allows you to get back to work almost immediately.

3.    Cyber liability

Imagine that you operate a business where you handle other people’s highly sensitive financial information and make use of a hot desk space which promises secure Wi-Fi. One day, you’re alerted by the office manager that the network was compromised overnight, and that while it’s been secured, there’s a good chance your client’s information may have been accessed. Cyber Liability Cover assists in dealing with any losses a client could experience and take steps to ensure it never happens again.

4.    Business interruption

When you work as an entrepreneur or remote worker, your employer or clients expect timeous delivery on deadlines or products. In the event that your hot desk space is compromised, you won’t get away with blaming the space for your inability to meet a deadline or complete a project. Business Interruption Insurance allows you to continue operating as normal, or it can offset lost income. In the end, you can meet your usual commitments and keep everyone happy and your business profitable.

Get a Budget Insurance quote

Using a hot desk space can supercharge your productivity and allow your business or work to expand more than if you simply worked from home. That being said, it’s not without its risks, which just means you need to consider your Business Insurance options to protect yourself.

If you still have questions about how Budget Insurance can protect you as a hot desk worker, get in touch so we can assist. Reach out for a Budget Insurance quote today