Self-storage is a place or some available for people to rent it out and can be used as a storage facility to store their belongings. In some places, it is also known as storage units and are more commonly rented out on a monthly basis.
The self-storage industry over the past few years has seen an increased rise in the number of customers. The reason behind the success of this business can be attributed to many factors such as increased population, business expansion, high rents, and much more. Owning a storage facility has a lot of its pros but there also some cons. To minimize these risks, storage facility owners need to know about the right insurance coverage they must have in order to protect their business. But despite this fact, there are few self-storage facility owners who neglect the importance of having insurance and later on have suffered losses. For this, we suggest that if you own a storage facility, then it’s never too late to get it insured.
Why should I get coverage for my storage facility?
Now, this question might pop up in your head. To answer it as briefly as possible we say that if you rent out a storage facility and if any loss or mishaps to it, the owner of that facility isn’t entirely responsible if anything happens and the clients who rented out will have to suffer the damages. But despite this fact, in case of any damage or losses, clients have seen to take legal action and hold owners of the facility responsible. Therefore, we suggest that if insurance owners want to maintain a good reputation in the market, then for this they need to recognize the importance of getting the right coverage plan for their business which can help them maintain their finances steady in case of any downfall and keep the business smoothly running.
Yes, I own a storage-facility. What insurance options do I have?
The storage-facility industry is booming throughout the country. Due to this, the risks have also increased while running such a business. Having the right insurance plan can severely reduce these risks and due to this storage-facilitates have unique coverage needs.
Now, let’s take a look at the options that storage-facility owners have to insure their business:
- Blanket Per Location Limits
This insurance plan provides coverage to your business that is spread over more than one location or area and can also apply to different categories of property coverage, or together.
- Commercial General Liability
This is another type of insurance that you need to consider for your business. This coverage plan is very integral to the business operations of your company since your storage will be used for various purposes such as storing things, as an office, garage, and much more. So for this commercial property insurance can pay and take care of the cost if there are any losses of both the building and the valuables that are within insurance coverage boundaries. It’s important to note that commercial property insurance does not cover flood damage so you’ll need to secure that policy separately if you are at risk. Commercial property insurance covers unexpected and sudden events.
- Employment Practices Liability Available
This insurance plan provides coverage from claims raised by employees regarding their legal rights being violated. Such claims can severely affect business operations and can make it vulnerable. Such situations can occur even though you have the best interest of your employee in your heart. But you never know when you can get stabbed behind the back by your trust manager, your contractor, or anyone. Therefore, we suggest that to be on the safe side you must consider this coverage option.
- Pollutant Clean-Up and Removal
The risk of pollution doesn’t come to mind when ensuring your storage-facility. But, it’s a fact that most owners in this business have many problems due to pollution-related problems. Your job is to lend out the storage and mostly you’re completely unaware of what type of things are being stored by the clients. This coverage plan is crucial to provide coverage to your business from unexpected legal lawsuits arising from the damage caused by the hazardous materials stored inside the storage lockers by the clients.
- Hired and Non-Owned Auto
This insurance provides protection to your business if you have got employees. The hired and non-owned auto coverage comes into action in case there is an accident involving your employee in his personal vehicle between work hours. This plan provides coverage if there is any bodily injury and property damage to your employee or other people who are impacted by the accident.
- Customer Goods Legal Liability Available
This insurance plan provides coverage from claims rising up from the damages or loss to the property of your client’s store. Before renting a storage facility, a lease is signed between the client and the owner which clearly states that the owner is not responsible for any loss of the renter’s belongings. But on the contrary, there are situations in which tenants have seen to take legal action and hold owners of the facility responsible. This insurance plan covers the costs for storage-facility owners in case there is any claim, whether it turns out to be groundless or not.
- Sale-and-Disposal Liability Available
- Employees Personal Liability Coverage
- Employee Benefits Liability
- and more!
Self-storage is alluring to investors who need to be more distant, keeping away from occupants
and managing less support while as yet yielding exceptional yields, paying little mind to the
condition of the economy. With an expected 50,000 or more self-storage facilities in the US, the
Industry is forecasted to continue its rapid growth.