As development surges in metro areas driving natural densification, self-storage facilities have become a notable biproduct. The solution is now embedded in our landscape to the extent that seeing a storage tower is no more surprising than a fast-food restaurant.
Self-Storage is equally a business opportunity as it is a solution. The storage industry began in the UK in the 1850’s by the banking industry for storing valuables. The industry first appeared in the US by 1906 in LA California and reached its current form of Self-Storage in Ft Lauderdale, FL in 1958.
Facilities have grown and are generally a large upfront investment that saddles the owner with a significant amount of risk. With high demand, the greatest risk may not be competition, but rather the liabilities and risks inherent with storage units.
Insurance for Self-Storage and Storage Facilities:
Wes Connor Insurance is an independent source of insurance that assists businesses address risk and affirm continuity. It is our duty to not just provide a product but also provide a risk assessment. Fortunately, all the “digging” is performed via casual conversation.
There are the obvious risks for the property and wellbeing of the self-serving clients. These individuals are generally coming and going under hectic circumstances. Distraction and mental state increase the probability of injuring themselves while on the premise.
Example increased premise risk (Premise Liability):
– Common Situation – Crack in sidewalk causes client to trip and roll ankle
– Storage Facility Situation – Crack in sidewalk causes client who is carrying a sofa to break ankle in fall
Wes Connor Insurance represents insurance companies that target storage facilities. Companies that “target” risks offer competitive rates to earn market share which is advantageous for the client. Coverages offered to self-storage and storage facilities can include and are not limited to:
– General Liability
– Commercial Property
– Business income
– Equipment Breakdown
– Hired/Non-owned vehicle
– Umbrella/Excess Liability
– Property enhancements and Theft
– *Sale, Disposal, and Customers’ Goods Legal Liability
Special Insurance Coverages for Storage Facilities:
Not all risks are immediately apparent. Each situation has its peculiarities, which endeavors to portray that a healthy relationship with an insurance agent is the best practice to mitigate operational losses. The independent agent should also contribute to the relationship prompting a thorough discussion to capture a complete understanding.
For instance, discussions of unit life cycles and the treatment of abandoned property may prompt legal liability discussions and indicate the need for “Sale, Disposal, and Customers’ Goods Legal Liability”.
Wes Connor Insurance – Independent Source
Our agency is an independent agency with access to 100+ insurance companies. We operate with a fiduciary mindset providing transparency to both the client and insurance company to provide the most valuable product for the given scenario. We are a local business with national resources putting our community first.
