business insurance Q

[maxkim]

sorry if this is confusing I'm not really sure how to phrase the question i am asking:

I am licensing a gallery space in CA. Part of the arrangement with the larger venue is that I host a series of events in the space (pop ups with other small businesses/ art things/ workshops). the COI requirements are mostly typical with some new to me ones -commercial vehicle (i don't have a company car) and workers comp (i am my only employee). Im fine with figuring this out for myself and the costs considering i will be there for awhile. however the venue requires this same level of insurance for everyone coming in to do events- even if its like.. a 3 hour embroidery class. I am considering floating the idea of adding the incoming parties to my COI as "additional insured". is this something I can do? ideally i would be able to just add them in for the scheduled days of the events. please help i am clueless

 

[saywhat1]

@maxkim Additional insured does not give them insurance coverage.

See this article for an explanation.

https://www.nextinsurance.com/blog/...27y25mSpIRIMGQuOtDhA7Cvgaw7uAZSUaAstDEALw_wcB

For auto coverage, you can get hired nonowned as part of a BOP and it's not expensive at all. For WC, check to see if your state allows or requires WC when you're self employed.

 

[maxkim]

@saywhat1 Thank you!

 

[siphosethu]

@maxkim

Thank you!

You're welcome!

 

[android17ak47]

@maxkim Also just because you’re not required to have workers’ compensation insurance when you’re self-employed doesn’t mean that the lessor can’t require it. Many lessors don’t want to have to think about waiving insurance requirements, so it’s a “have them all or find another space” type scenario. You can certainly ask to have insurance requirements adjusted or removed but don’t be surprised or offended if they say no

 

[maxkim]

@android17ak47 I appreciate your insight!

 

[adoptedwatcher]

@maxkim

however the venue requires this same level of insurance for everyone coming in to do events- even if its like.. a 3 hour embroidery class.

Then so should you.

I am considering floating the idea of adding the incoming parties to my COI as "additional insured". is this something I can do?

A better question is "Should you?"

No. Why bring somebody else's problems on to your insurance? Besides, doing this frequently is likely to annoy your agent and you underwriters and could make you a higher risk for renewal.

 

[maxkim]

@adoptedwatcher noted TY!