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Alternative workspaces and virtual offices are changing the way small businesses operate, allowing them to save money on office-related costs so they can spend money on other things.

“Evolving workforce and meeting-place considerations driven by the need for agility and financial flexibility are steering more small-business owners away from long-term fixed costs for office space and operational infrastructure,” said John Jordan, president of the Global Workspace Association.

Innovative office solutions are specially designed for small businesses that deploy a mobile workforce. On-demand meeting rooms and day rooms can serve as physical addresses and provide as-needed office space with phone and mail services.

Martin Senn, chief operating officer of Davinci Virtual Office Solutions, said new sign-ups for virtual offices grew by more than 50 percent in 2011, showing the rising popularity of these alternative spaces.

While small businesses that use virtual offices can see increased cost savings, it is still important for them to invest in property insurance to make sure their technology and resources are covered in case any issue may arise.

 

General Liability Insurance

What Is General Liability Insurance? Commercial General Liability Insurance protects small-business owners from claims of injury, property damage, and negligence related to their business activities.

Workers’ Compensation

What Is Workers’ Compensation Insurance? Workers’ compensation insurance covers your employees’ medical expenses and at least some portion of their lost wages if they are injured on the job.

Business Owners Policy

What Is a Business Owners Policy? A BOP is simply bundled insurance designed to provide essential coverage to certain business owners at a competitive price. A BOP insurance coverage includes

Professional Liability Insurance

Professional liability insurance also called , errors and omissions insurance (E&O; insurance), protects you if a client claims that your services caused them to suffer a financial loss. While general liability insurance is primarily focused on property damage or bodily injury,

Disability Benefits Insurance

Employers in New York State are obligated to offer disability benefits insurance to their employees. This coverage is specifically designed to provide financial assistance in the event of off-the-job injuries or illnesses.



Business Umbrella Insurance

Without Business Umbrella Insurance (also sometimes called Umbrella Liability Insurance or Excess Liability Insurance ), you would have to pay the uncovered expenses out-of-pocket. Even if you carry General Liability Insurance for your business, without business umbrellainsurance you might face a repair, settlement, or judgment in excess of your coverage limit.

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