Member Insurance Guide
How do I get coverage for my business before moving in?
If you don’t already have business insurance, there are two primary ways you can obtain coverage. They are:
- Dedicated Insurance Agent: If you are unfamiliar with the details of commercial insurance, you may wish to connect with an agent who can help you understand the unique details of your business, explain various coverage options that meet the ReadySpaces requirements and advise you regarding the use of insurance to manage risks. You can find an insurance agent by searching online, through a referral from other business owners or through a local business association. ReadySpaces is not able to recommend any specific insurance agent.
- Online Insurance Portal: If you feel comfortable shopping for insurance on your own, you may be able to quickly purchase a policy online through a number of different insurance aggregators (which display or retrieve policy quotes from multiple carriers), or from individual carriers directly. Below are links to several websites where you may be able to purchase coverage and otherwise protect your business.
https://www.hiscox.com/small-business-insurance (Carrier Direct: Hiscox)
https://www.biberk.com/get-a-quote/business-insurance (Carrier Direct: Berkshire Hathaway)
There are many aggregators and carrier-direct websites available online.
ReadySpaces has no preferred partners or specific recommendations and cannot guarantee that any coverage you buy through these sites or other sources will meet our requirements.
Shopping for Insurance? Remember the Following Tips:
ReadySpaces’ insurance requirements are the minimum requirements for occupying a unit or parking space at ReadySpaces. They may not be sufficient or appropriate for your business, and do not cap your liability with respect to losses at ReadySpaces. The business owner must decide what insurance is appropriate to carry, and what limits of coverage will be sufficient to protect the business.
There are many types of insurance beyond the three listed here, all of which cover various risks and perils. You may wish to consider a wide variety of other coverage options to manage the risks in your business.
All insurance policies contain exclusions. Some of these exclusions may be for common risks, including fire or flood. Having insurance is not a guarantee that you will be covered in the event of a loss. Read and evaluate all exclusions for your actual and potential insurance policies. Understand that a cheaper policy may have more exclusions and may provide less coverage than a more expensive policy.
Neither the ReadySpaces General Manager nor the ReadySpaces Solutions team are insurance experts. We are unable to answer questions about your insurance policy and the coverage it may or may not provide. Our acceptance of policy documentation that you provide is not a representation by us that your coverage meets our requirements (or your needs). Partner with your insurance company for expert advice on coverage.
Don’t know much about business insurance? Here’s an overview.
ReadySpaces does not provide insurance for your business, due to the many unique and varying types of members present at each of our facilities. ReadySpaces also does not provide insurance for your stored products/inventory, and thus, your property is NOT protected against loss or damage by any insurance held by ReadySpaces. Our license agreement requires you to obtain and maintain the following insurance coverage (certain facilities require four types; this is not covered in this guide), at your sole cost and expense:
Commercial General Liability (CGL): This insurance typically covers damage or losses you or your employees cause to others – for example, this could include damage you cause to the ReadySpaces building, another member’s product, or injuries you cause to others in the warehouse. Ensuring all members have CGL insurance protects all members. We require coverage with limits of no less than one million dollars ($1,000,000) per occurrence and two million dollars ($2,000,000) in the aggregate, covering your operations and your use of any equipment, including vehicles, plus bodily injury, property damage liability and fire damage liability coverage. Proof of CGL coverage is required PRIOR to occupying space at our facilities.
Business Personal Property (BPP): This type of coverage provides for the full replacement cost of any property you keep at our facility, on an all-risks basis, and is required unless you reasonably determine that it is not commercially viable to obtain this coverage. This insurance typically covers any products, equipment, or property (but not vehicles) that you have stored at ReadySpaces. Depending on the terms of the policy, this could cover you in the event of a fire in the building, for example, or if you damage your own inventory with a forklift. This coverage may also protect you if your products are stolen. Please check the specific terms of each policy as coverage varies – for example, some insurance carriers may value property at replacement cost, while other carriers may assign a depreciated value. ReadySpaces and the building owner are not liable for your products even in the event that a maintenance issue in the building (for example, a leaking roof, power outage or other issue), even if it is in our control, damages your product.
Workers Compensation (WC): This insurance typically covers expenses associated with injuries that your employees may experience on the job. All US states except Texas, and all Canadian provinces require all employers to have Workers Compensation coverage. Depending on the state, some exceptions may exist, including for sole proprietors and some industry types. ReadySpaces requires all members to maintain Workers Compensation coverage if they are required to do so by law in their jurisdiction, and highly recommends Workers Compensation for all members.
Members must provide a valid Certificate of Insurance (COI) as evidence of the required CGL coverage. ReadySpaces prohibits you from taking occupancy (move-in) of your rented space(s) until you have provided us with these certificates. Our exact insurance requirements vary by facility, so please check page 2 of your license agreement for your required minimum coverage. This page also lists the required Additional Insureds, which vary by location. Additional insureds must be added to your policy and appear on your COI in order to ensure that ReadySpaces and other stakeholders are protected and will be notified if the policy is canceled or terminated for any reason.
Failure to obtain and maintain the insurance coverage required under your license agreement will be considered a breach of the license agreement contract, and ReadySpaces may terminate a license agreement with fourteen (14) days written notice if members fail to provide proof of coverage (COI) that meets these requirements. We may also charge penalty rates for members who fail to provide a valid COI and continue to occupy their unit(s) following this 14 day window, up to 5x the prorated daily rent rate.
Some ReadySpaces locations can accommodate parking-only members, who do not license warehouse or office space. These members sign the same license agreement as our warehouse/office members, but parking only members are only required to provide proof of AUTO insurance for their vehicle(s) showing coverage as:
Automobile Liability Coverage with a $1,000,000 limit.
Liability coverage covers bodily injury and property damage to others. The member may also choose coverage for their own property/vehicle (Physical Damage, Collision, or Comprehensive coverage types), but we do not require it.
Please note that the ID cards that drivers typically carry in their vehicle do not show this policy limit information, so we require a Declaration page from the auto policy or a copy of the entire policy document, if that’s more convenient. ReadySpaces does not need to be listed as an Additional Insured on an auto policy.