Property insurance can be one of the largest expenses for any self-storage operation; however, having the appropriate protections in place can be a lifeline if your business ever faces a devastating loss. Some facility owners overlook or disregard important, industry-specific coverages, particularly if they’re fixated on cost. If you want to shield your company from calamity, you can’t afford to do so.
Without business insurance, you may have to pay out of pocket for costly damages as well as legal claims against your self-storage operation. Depending on the incident, this could be financially devastating. The good news is there are many ways to reduce your exposure and affordably manage your risk.
Work With Your Agent
Before we talk about specific self-storage insurance products, understand this: It’s critical that you’re able to consider your broker a trusted adviser. Working with an experienced agent who understands the industry is vitally important in obtaining appropriate policies at a competitive cost. Many storage-specific coverages must be explicitly requested and aren’t available in a standard insurance policy.
Review your coverages annually with your…
