Self-Storage Insurance Information
Self-storage Facility Insurance in Ohio
Owning and operating a self-storage facility can be a fulfilling experience. Such a facility can provide tenants—whether they are businesses or individuals—with the space needed to safely and securely store a wide range of items.
However, self-storage facility operations also carry numerous risks that need to be managed on a daily basis—including property damage concerns, liability problems, employee safety hazards, instances of crime and business interruption issues. As such, it’s crucial to secure appropriate commercial insurance benefits for your facility.
Although it may seem difficult to try to determine exactly which business insurance policies your facility needs, Risk Management Financial Solutions of Ohio can help you manage these coverage decisions. With our assistance, you’ll be able to secure self-storage facility insurance solutions that are both affordable and customized to your particular operations. Call us at 614-764-8505 to review your self-storage facility coverage options today.
Common Self-storage Facility Insurance Questions
What Is Self-storage Facility Insurance?
You never know when an unexpected event could impact the overall stability of your self-storage facility. Such events may include fire, natural disaster, robbery or accident lawsuit—all of which could result in costly recovery expenses. Apart from posing a financial burden, these unanticipated events could potentially disrupt your facility’s operations and inconvenience a lot of people along the way. Nevertheless, equipping your self-storage facility with adequate commercial benefits can help reduce these losses—getting you back on your feet and fully operational as quickly as possible.
It’s important to note that self-storage facility insurance does not consist of a singular commercial policy. Rather, it’s an umbrella term referring to numerous business insurance options that a typical self-storage facility may require. Ultimately, it’s up to you to find an effective combination of benefits that will suit the unique needs and risks associated with your self-storage facility.
What Does Self-storage Facility Insurance Cover?
Self-storage facility insurance can entail a variety of potential coverage options for your business, including the following:
Commercial property insurance: If an unexpected event results in the damage or destruction of physical property—such as your facility or its contents—this form of coverage can help pay for property repairs or replacements.
General liability insurance: This type of policy can protect your facility in the event that it is held responsible for causing damage or bodily injuries to another party, such as a facility visitor.
Business interruption insurance: This form of coverage can help you pay the bills if your facility must temporarily close after a damaging accident.
Customer property legal liability insurance: If an unanticipated event contributes to the damage or destruction of tenants’ property while it’s being stored at your facility, this type of policy can help cover the resulting expenses.
Equipment breakdown insurance: This form of coverage can offer assistance following the unexpected breakdown of key equipment within your facility.
Commercial auto insurance: If your facility owns any vehicles, this coverage will supply the requisite physical damage, liability and other benefits to help your business afford the costs of potential collisions or other vehicle-related hazards.
Commercial crime insurance: This type of policy can provide protection from losses following a business-related crime. Covered events typically include burglary, forgery, fraud, extortion, employee dishonesty and the theft, destruction or damage of money, securities or other property.
Workers’ compensation insurance: If any facility employees become ill or get injured on the job, they could be eligible for workers’ compensation coverage. This type of insurance can supply them with supplementary income during their recovery.
In addition to these insurance options, there are several other commercial policies available that can help safeguard your self-storage facility against various risks and liabilities, such as:
Employment practices liability insurance (EPLI)
Cyber liability coverage
Umbrella liability insurance
Hired/non-owned auto liability coverage
Self-storage facility owners can often benefit financially by grouping their primary forms of coverage into a business owners policy (BOP). Put simply, a BOP permits business owners to secure several different benefits—including property, general liability and business interruption insurance—in a single place and at one price.
Some of these policies might be required for your self-storage facility, based on local insurance regulations. Consult your agent for more details regarding self-storage facility benefits.
What Will Self-storage Facility Insurance Cost?
Each of the commercial policies you purchase for your self-storage facility will have varying costs. Policy expenses will be dependent on the specific coverage you select and the risk factors that the insurer assumes by covering your business.
Regardless, the experts at Risk Management Financial Solutions of Ohio are committed to working with you to secure commercial insurance policies that will provide the best value on the market and ensure maximum protection for your self-storage facility.