Members Protect Public Liability Insurance

Our public liability insurance helps flexible workspace providers meet their obligations and responsibilities to their:

  • Landlords
  • Members
  • Insurers

This is done by providing members of flexible workspaces with the requisite public liability cover that they need to have.

You may be at risk

The flexible workspace or business hubs market has exploded over the last few years.
At the same time regulatory and compliance burdens have been placed on these businesses.
Operators in this market have struggled to put in place workable and reliable solutions to ensure their members always comply with the provider terms and conditions and ultimately their insurance requirements.

Issues flexible workspace providers have encountered include:

  • Non-compliance of members with insurance requirements.
  • The administrative overhead of managing insurance compliance for each and every member.
  • A limited ability to verify that members are compliant with their insurance arrangements due to:
  • a policy being cancelled by a Member
  • a member not complying with their insurance duty of disclosure
  • a member having insufficient levels of cover
  • a member not maintaining or renewing their cover due to unpaid premiums
  • and many other similar issues.

From a member’s perspective there can be issues such as:

  • A lack of understanding when it comes to insurance and which types of cover are required.
  • Unable or unwilling to commit to an annual insurance policy due to a short term planning focus and uncertainty.
  • Intermittent cash flow issues leading to defaults, non-renewal and cancellations.
  • Not having the time required to research appropriate insurance cover, obtain a quote and a policy.
  • The inconvenience and opportunity cost of having to arrange insurance rather than focusing on their business.

This is further exacerbated by various different insurance products being sold individually to members with:

  • optional limits
  • varying covers
  • varying insurers
  • varying terms and conditions
  • inconsistence renewal dates
  • certificates only valid at the time and date they are issued
  • different duty of disclosures

Additionally the flexible workspace provider cannot easily check all their members’ individual policies on a regular basis.

As a result of all these issues the risk is high that a member may be lacking appropriate insurance cover.
If that member then subsequently causes either property damage or an injury in connection with their business, there is liability not just for those directly involved, but also a significant risk for other members and the provider, even if they do have correct levels of insurance protection in place.

What Members Protect can do for you

Members Protect allows flexible workspaces to offer their members the opportunity to include public liability insurance as part of their flexible workspace membership package.

This brand new product to the industry:

  • Allows flexible workspaces to offer a member benefit
  • Reduces the flexible workspaces’ own public liability risk
  • Helps the flexible workspace to meet its duty of care to its landlord/s, insurer/s and members
  • Benefits members by providing the opportunity to participate in a very convenient, flexible and cost-effective master policy
  • Is secure and backed by certain underwriters at Lloyd’s

Until now, knowing members have and continue to maintain the flexible workspace’s required level of public liability insurance has been a major exposure.

Compliance is difficult and costly to maintain and complex to remediate. Without Members Protect Your business may be at risk, potentially leading to serious repercussions with your insurances, breach of lease conditions, and irreparable damage to your reputation.

What is covered

  • $20 million limit any one claim
  • member to member cover (outside their own individual organisation)
  • member to office space provider cover
  • member to third party cover
  • territorial limit: worldwide, excluding North America & Canada
  • monthly cover periods
  • annual renewal date policy
  • underwritten by Lloyd’s
  • premiums charged to members as part of their flexible workspace subscription

What isn’t covered

Certain aspects of members potential business liability and other legal exposures are not covered*, such as, but not limited to:

  • Public liability claims made against the provider of the flexible workspace or hub itself.
  • Claims relating directly or indirectly to any company products (other than promotional materials such as fliers etc).
  • Claims relating directly or indirectly to professional activities covered by professional indemnity insurance.
  • Claims relating directly or indirectly to cyber or associated risks.
  • Claims relating directly or indirectly to any manual work undertaken or services provided.
  • Claims relating directly or indirectly to use of sub-contractors working on behalf of a member.
  • Claims relating directly or indirectly to faulty workmanship.
  • Claims arising directly or indirectly from activities undertaken outside the territorial limits of the policy.
  • Claims arising directly or indirectly from any criminal activities, or intentional acts.
  • Claims relating to personal injury or property damage to you or your employees as a result of the actions of you or your employees.

* All coverage provided and limits under this product are subject to the Policy Certificate and Policy Wording along with all terms and conditions contained therein.

More information

For more information or to express interest in obtaining Members Protect public liability insurance for your flexible workspace or business hub members, please contact us here or send an email to enquiry@membersprotect.com.au.