Self Storage Property is one of the fastest-growing businesses; every year, new storage facilities emerge and are ready to make so much profit. It is like that is that there is a high demand for facilities to store valuables, products, and many other things. Owning a Self Storage Property is a profitable investment; however, it is a risk because mismanagement could cause substantial financial losses. What you have to do instead is to get insurance so that your investment is protected when anything goes bad.
Having a Self Storage Property means you are ready to house the goods of your customers and clients. Now, what happens when those goods get missing or stolen or damaged within your facility? As usual, the company is held responsible even though it’s not their fault or sole responsibility. These Self Storage companies have often received liability lawsuits due to some of these common risk factors – fire, theft, and flood.
In a bid to protect the business and uphold a long-standing reputation, we provide Self Storage Property Insurance. We always want business people to understand that insuring their business is of utmost importance to avoid circumstances that could jeopardize the company. With the several potential risk factors, we offer different coverage options depending on the size and nature of the Self Storage Property itself.
Buildings and Business-Personal Insurance
There is no Self Storage business without an actual property or facility. It actively means that you need a building equipped with the necessary things to start with – the location is also significant. Buildings and Business-Personal Insurance are divided into two parts – a building’s physical aspect (construction, fencing, gates, etc.) and personal belongings (accessories like computers, furniture, electronics, etc.). We provide this coverage because we want to protect the structure and its content from natural disasters like fire, theft, or any damage that could lead to losses.
Another type of coverage that we offer is Business-Income Insurance. This coverage aims to reduce potential risks caused due to adverse impacts on a Self Storage Property. For instance, if the facility is robbed, there will be losses; however, Business-Income Insurance protects your business so that you can always bounce back. Ideally, you won’t have to bother yourself with covering certain costs or stopping work.
Customer-Goods Legal Insurance
To the part that concerns both the tenant and the management, our coverage option, i.e., Customer-Goods Legal Insurance, aims to protect both parties. Since a Self Storage Property was designed to hold a tenant’s belongings, ensuring that it is properly maintained is the owner’s responsibility. On the other hand, if this rental space isn’t maintained as expected and damages certain goods, it is only considered the company’s negligence. These two scenarios are quite sensitive – top-notch maintenance means you are protected from lawsuits, while low maintenance means you face one. We have to ensure everything is done right so you won’t face problems.
Commercial-Business Liability Insurance
Self Storage Property is a lucrative business, which means you could hire some workers to work within your facility. Here, you will need our Commercial-Business Liability Insurance to protect you and these workers against bodily injury caused within the facility. It is only protocol for you to include this coverage option to protect you from occupational hazards.
Sale and Disposal Coverage
When a tenant refuses to pay rent for a Self Storage Property, you have the privilege to sell belongings at disposal. In some situations, when you sell these things, a lawsuit could be filed against you for wrongfully selling or taking, or destroying. For you to gain grounds, we advise that you are opt-in for our Sale and Disposal Coverage.
If you are talking about Self Storage Property, Pollution isn’t the exact thing that comes to mind. You may not know if you need it until circumstances bring them your way. When that occurs, what would only save you is if you had Pollution Insurance. For instance, a facility that stores vehicles and toxic chemicals alongside other belongings face a huge risk. We, however, provide this coverage option for the safety of lives and belongings.
Why Do You Need Self Storage Insurance At All?
With a Self Storage Facility, all you provide is a space for people to keep their belongings. Now, you may not be responsible for whatever tenants keep on your property, but they would hold you responsible when something wrong happens. You could avoid such scenes by getting insurance on your property so you won’t bear the losses when lawsuits are filed.
We have tailored our coverage options towards different aspects for your ultimate protection. Offering our services means we understand what you expect from us as a broker; therefore, you don’t need to panic. Contact us today, and let’s be your safety-net.