Insurance for Self Storage Facilities

Self storage facilities are ideal businesses to own because your customers take care of most of the things they need on their own. As long as you, or an employee, is available to provide basic entry services and new contracts, the business practically runs itself. Self storage facilities do have a lot of customer traffic going in and out each day however, so it’s very important for you to carry the right types and amounts of small business insurance.

General Liability

Commercial general liability is business insurance that grows with your self storage company. This coverage provides you with protection against potential hazards, events and risks that you may not have thought of before-hand. This is the base level of broad coverage insurance you should carry for your business to ensure the protection of your customers and their property at all times.

General Liability Insurance Includes:

Premises Liability – Premises liability insurance takes care of your company when accidents happen. If a customer injures themselves while they’re on the premises of your self storage property, they could sue you for the damages. Premises liability pays for their damages instead, and any follow-up medical or rehabilitation care they may need. Premises liability also protects your customer’s property while it is at your place of business. If damages occur, this part of your liability coverage will pay for the repairs.
Products Liability – Products liability coverage protects you from problems that arise due to products you sell, or advertisements you run. If your storage facility sells padlocks to customers for example, and the brand or model is found to be defective, the customer’s storage contents can be stolen or damaged in some way. Your products liability coverage will pay for those damages and losses. This business insurance also helps protect you from mistakes in your advertisements. It can pay for your legal defense fees as well as settlements or judgments as needed.
Completed Operations – Completed operations coverage is designed to protect you from problems that arise after you have rendered your services. If a customer is injured later, or their property is damaged due to steps you took as part of your services, they may sue your company. The completed operations portion of your general liability insurance pays for the injuries or damages that were caused.

Business Owners Policy (Bop)

All of the general liability business insurance coverages are included in another business insurance package known as a business owners policy, or BOP. A BOP focuses on providing your self storage facility with protection against the loss or damage of tangible and intangible assets. You can customize a BOP to fit just your specific insurance needs. Examples of coverage options include:

Buildings and Contents
Business Income and Extra Expense
Electronic Data
Newly Acquired or Constructed Buildings
Employee Dishonesty Coverage

Business Auto

If you or your employees drive for business purposes, a business auto insurance policy will protect you in the event there is an auto accident. Business auto insurance pays the medical bills when people are injured in the accident, and it pays for repairs to vehicles. Some levels of coverage protect you from theft, vandalism and other potential hazards as well.

Workers Comp

Workers comp insurance is required by law when you have employees at your self storage facility. This insurance pays the medical bills and recovery expenses of an employee if they are ever injured on the job.

Commercial Umbrella

An umbrella policy provides you with additional coverage above and beyond the limits of your existing business insurance policies.