Self Storage: Items to Consider

Did you know that most homeowner’s policies will not pay for the loss of household items that are in storage? Have you reviewed your contract lately?
It may be important to alert your space holders that they should contact their agent for very specific coverage.

How will your finances hold up if there was a fire, smoke, windstorm, or other perils at your storage unit facility?
If you have a mortgage or have borrowed money to fund this venture, then you need to make sure that your policy covers loss of income. It’s preferable to have it insured for the actual loss you sustain for up to one year. Let us help you design a policy that fits your needs.

Self Storage: Types of Insurance Coverage

There are different types of property to consider when insuring your self storage business; real property and personal property. Real property are items such as buildings and permanently attached items. Personal property includes items that belong to your business such as computers, furniture, and equipment. Insurance policies can include limits for both your real and personal property. These can also be combined with liability coverage on a business owner’s policy. This type of policy can be custom tailored to your business.
In the event of a direct loss, a coverage to consider is Business Income coverage. This type of insurance provides coverage for a direct loss to the business. Examples of a direct loss include fire damage, water damage, and wind damage. This coverage begins at the time of loss and may continue until your facility is fully restored.
If you have a staff of employees, you may also want to consider Employee Dishonesty coverage. Employees can be tempted if they have access to your storage facility or your tenant’s property. An Employee Dishonesty policy can help protect your business.
A personal insurance package can be designed for your self storage business. We realize that your business is unique and the self storage industry has special coverage needs. Contact Barr’s Insurance at 888-399-6368 to create your package today.

Self Storage: Items to Consider When Opening a New Self Storage Facility

Self Storage facilities are can be an exciting opportunity. Like any business, there are challenges and issues that will need to be considered. Some of these issues include proper licensing, insurance coverage, contracts agreements, and overall readiness to operate a business.

1. Licensing— File for any necessary licenses early as this process can take time and could prevent you from opening on your ideal day.
2. Insurance— Insurance is an integral part of protecting your business. A package can be tailored to your business. Contact Barr’s Insurance to answer any questions that you may have at 888-399-6368.
3. Contracts— Have all rental agreements and contract language on hand and ready to use. These items are important to your business and may need to quickly reference.
4. Readiness— This can include many things from ordering supplies, preparing your site, or measuring out your units.

Consider the maintenance and upkeep of your facility. Also, marketing and advertising plans can be utilized to promote your business. These are just a few of the items that should be considered when opening a self storage facility. If you have any questions regarding proper insurance coverage for a business like this, please contact Barr’s Insurance at 888-399-6368. We can create an insurance package that’s right for you.