Third Space
Third Space Risk is a technology-enabled insurance brokerage exclusively for New York City's bars, venues, and clubs. The company actively manages client risk by documenting procedures, tracking licenses, and preserving incident footage to build defense-grade files that help lower premiums by 15–50%. Their proprietary platform automates policy reading, record tracking, and submission preparation, allowing carriers to price venues on their individual record rather than industry averages.
- Insurance Technology
- Software Only
- Artificial Intelligence
Funding
Founders
Founder details are not available yet.
Product
Problem
Nightlife businesses in New York City face soaring insurance premiums that increase annually, often without clear justification. Lawsuits against venues keep rising, and without good records, even a well-run venue can lose a lawsuit it should have won. Standard brokerage services lack the specialized risk management support needed to defend against lawsuits and control insurance costs, leaving bars, venues, and clubs vulnerable to financial strain and operational risk.
Solution
Third Space Risk provides a technology-enabled insurance brokerage designed specifically for New York City nightlife businesses. The company actively manages client risk by documenting procedures, tracking licenses and permits, preserving camera footage, and building defense-grade incident files so clients and carriers are prepared for litigation. Their proprietary technology automates the work that otherwise takes hours—reading policies, tracking records, building incident files, and preparing submissions—allowing the team to give every client white-glove service on the same commission any broker earns. This approach has saved clients 15–50% on premiums while ensuring carriers see a defensible operation and price policies on the venue's individual record.
Target Audience
Primary customers are bars, live music venues, nightclubs, and other nightlife establishments in New York City that face high insurance premiums and litigation exposure.
Features
- Proprietary technology platform that automates policy reading, record tracking, incident file building, and submission preparation
- Active risk management services including documentation of procedures, license and permit tracking, camera footage preservation, and defense-grade incident file construction
- Comprehensive policy review that explains coverage in plain English and identifies gaps, with comparisons against similar venues
- Nightly report system where managers text a short summary at close, which is turned into a permanent shift record
- Incident follow-up via text that saves camera footage, statements, and relevant documentation to create a rich defense file
- Data ownership guarantee—client footage, reports, and records remain secure and belong to the client, with nothing shared to carriers without approval