How Much Insurance Does My Facility Actually Need?
Most owners of self-storage facilities don’t want to consider the possibility of damages happening on their property or to their tenants. But being too optimistic and not seeing the reality of doing business may cost you the business, according to StorInsure. One of your first steps is to evaluate the total amount of insurance for self-storage that you need to survive any situation.
First, obtain property insurance to cover the facility building, all of the contents inside, such as furniture or computers, and the storage rental lots. Disaster-related coverage, like flood or earthquake insurance, is needed by certain businesses that operate in disaster zones.
Protect the business and its investments with commercial business liability insurance for self-storage clients. If someone becomes injured on your property and sues the business, this coverage prevents any significant losses in finances.
Specialized insurance is especially needed for tenants that may be engaging in risky activities. If the tenant accidentally or deliberately causes damage to their own or another tenants stored goods, you can obtain customers’ goods legal liability coverage to avoid paying thousands of dollars out of pocket.
Also, if you accidentally sell a customer’s items at auction, as a result of his or her inability to pay, and the customer sues you in return, you would be covered by the sale and disposal liability insurance policy.
The amount of self-storage facility insurance that your company needs depends on the type of business, its location and past experiences. Some companies need flood insurance if they live in certain areas, with others need pollution liability coverage if they have had many experiences with pollution. StorInsure helps all owners of self-storage facilities who need brand-new policies or upgrades to their existing ones.