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Sharing space means sharing risk

By sharing rent and overhead, businesses reduce costs and burdens. But agents and brokers can foresee that sharing space also creates new risks, which may be otherwise unknown to insureds.

By William C. Saturley, Joseph S. Callanan | Updated on November 03, 2009

In trying economic times, businesses look to reduce costs. Sharing space with other businesses is one way to cut expenses. This arrangement also offers many side benefits. Your insurance clients may, however, be unaware of the risks they are incurring. A claim professional can educate them about the risks and methods to control those risks.

There are many incentives to share space. By sharing rent and overhead, businesses reduce costs and burdens. Some space-sharing arrangements also create professional synergy. Such is the case when a lawyer who handles real estate work shares space with a real estate broker who sells homes. Sharing space may enhance a business’s reputation; for example, when a just-starting tailor shares space with a well-established dry cleaner.

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