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By: Dax Kastrin

Owner of Elemental Risk Management

505-933-6511

Are you a business owner considering launching or expanding your self-storage facilities? You may have already considered many of the necessary operational tasks, such as hiring staff, setting up accounts with vendors and suppliers, and obtaining the proper licenses. 


But one crucial step that often gets overlooked is making sure to secure the right insurance policies for your facility’s protection. Having adequate insurance coverage can mean avoiding huge financial losses in case something goes wrong onsite – from natural disaster damages to theft and more. 


In this blog post we’ll discuss what specific types of insurance you should consider purchasing for your self-storage facility.
 


Factors to Consider When Selecting an Insurance Policy for a Self-Storage Facility


When choosing an insurance policy for your self-storage facility, it is important to consider the following factors:

 

  1. Type of Coverage: Consider the various risks that could affect your business and make sure all the necessary coverages are included in your policy. 
  2. Premiums: Compare the different quotes available and choose the one that offers the best value for money. This will help ensure you are getting the coverage you need without having to pay too much for it.
  3. Deductibles: Most policies come with a deductible, which is an amount of money that must be paid before the policy kicks in. Consider your budget and choose a deductible that is affordable for you. 
  4. Customer Service: Make sure to read reviews or speak with representatives from the insurance company to determine their level of customer service. This will help ensure that any future claims are dealt with efficiently and effectively. 

Types of Insurance Needed for Self-Storage Facilities

1. Public Liability Insurance


It is the hope of all self-storage facility owners that they never have to face legal action against them, but in the event of any third-party injury or damage claims, public liability insurance can help protect their business. This type of cover will provide compensation for claims arising from injuries sustained by visitors onsite and damage caused to a third party’s property by your business activities.

2. Product Liability Insurance


For self-storage operators who offer storage services to business customers, product liability insurance can be a necessary form of cover. This type of policy can help protect the business in the event that a customer’s property is damaged or destroyed inside their storage unit due to faulty equipment or any other cause. For example, if a customer’s goods were damaged in a flood due to faulty drainage, product liability insurance would be able to help cover the cost of repair or replacement.

3. Property Damage Insurance


Self-storage facilities can often be subject to accidental property damage such as fire, theft and vandalism, so it is important that they have adequate cover for these potential risks. Property damage insurance will help protect the business premises, equipment, furnishings as well as any stored items that belong to customers from any unexpected losses caused by these issues. Note that property insurance in some states does not typically cover flooding or other natural disasters - making it important to take out additional cover for these events if needed.

4. Worker's Compensation Insurance


All businesses that employ staff need to have worker’s compensation insurance in place. This type of policy will provide financial protection for employees who suffer any work-related injuries, as well as medical costs and lost wages.

5. Commercial Vehicle Insurance


If your self-storage facility has its own delivery vehicles, it is important to have adequate cover for any motorized vehicles that are owned by the business. Commercial vehicle insurance will help protect against any legal or financial liabilities arising from an accident involving one of these vehicles. It will also provide cover for loss or damage to the vehicle itself as well as any third-party liabilities that may arise from the use of the vehicle.

6. Fidelity Bond Insurance


It is important that your self-storage facility has some form of protection against theft or fraud by staff members. A fidelity bond insurance policy can provide compensation for any losses incurred due to employee dishonesty or fraudulent activities. For example, if an employee was to steal money from the facility, this type of policy would be able to provide partial recovery for the resulting losses.

7. Business Interruption Insurance


If a self-storage facility is disrupted by an unforeseen event such as a fire or flooding, this can have serious financial implications on their business operations. Business interruption insurance will provide compensation for any income lost during the period of disruption and can also help cover any additional costs needed to get their business back up and running.

8. Cyber Liability Insurance


Data breaches are one of the biggest threats faced by businesses of all sizes. Cyber liability insurance can provide crucial protection in the event that any personal data is compromised while being stored in your facility, as well as providing access to expert help and guidance if needed.

9. Professional Indemnity Insurance


This type of insurance covers any legal liabilities that may arise from professional negligence or inadequate services provided by the facility to customers. For example, if a customer suffers a loss due to advice given by a member of staff, professional indemnity insurance can provide cover for any resulting losses.

How to Make a r Self-Storage Facility Insurance Claim


When taking out any form of insurance, it is important to understand the claims process and what is required in order to make a successful claim. The following steps will guide you through the process:


  1. Contact your insurer. Make sure to have all the relevant paperwork and documents at hand when making contact.
  2. Collect evidence to support your claim. This should include photographs, witness statements, repair estimates and any other supporting documentation that you may need. 
  3. Fill out a claim form and submit it to your insurer along with necessary evidence. 
  4. Await the outcome of your claim. The insurer will investigate the circumstances and then make a decision on whether or not to approve the claim. 
  5. If successful, you will receive payment in accordance with your policy conditions.

Get a Self-Storage Facility Insurance Quote Today!


Contact us today to learn more about the different policies available and receive a free quote tailored to your business needs. With our expertise and friendly customer service, we can help you find the best policy that fits both your budget and level of protection. Don't wait any longer – get the peace of mind you deserve and protect your business today!

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If you are preparing to start a Self-Storage Facilities at your business, be sure to consider safety issues, legal requirements, and additional coverage options so that you can find the best possible coverage for your budget and needs. 

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