The business of self-storage is a vast and thriving one. You can see new facilities popping up on a regular basis, and most owners agree that it’s a profitable business venture to be a part of. With such an investment in your company, you need to do everything you can to protect it. Having the right type of insurance and policies available is the best way to ensure that.
General Coverage Insurance
There are both industry-specific and general insurance policies that need to be in place with your storage company. There are choices for self-storage insurance companies across Livermore, CA to choose for these policies. First, we’ll look at general business insurance types you should know and use.
1. Commercial Business Liability – Covers property damage and bodily injury claims due to the operation of the facility. This might include trips, slips, and falls. It can also mean gate failure that leads to damage to a vehicle.
2. Business Income Coverage – Minimizes additional risk after a loss takes place. If a fire takes part of your business, this helps you keep operating so you can get back on your feet.
3. Buildings and Business Personal Property – Cover for property related claims such as faulty wiring or fence damage. Consider a policy with replacement cost vs. case value because replacement cost doesn’t look at depreciation.
Specialized Self-Storage Company Insurance
Two types of coverage are available that are designed specifically for self-storage facilities. Both are important, if not crucial, to have.
1. Customer Goods Legal Liability – Coverage for claims related to damage or loss to customers’ stored property. This might apply if a person’s property is damaged due to insufficient maintenance.
2. Sale and Disposal Liability – Covered against selling, using, or taking a customer’s goods. As a self-storage owner, you have the right to dispose of property from non-paying tenants, but this helps when claims do arise.
Self-Storage Insurance Companies in Livermore, CA
These are a few of the types of insurance that can be beneficial for those in the self-storage business. Pollution liability is another that is worth considering. Toxic chemicals, leaks from RVs, and more can lead to exposure to pollution which is often not covered by the other insurance types. Make sure to ask your insurance agent about this insurance coverage.
BayView Insurance Services specializes in insurance for those who own or run self-storage and moving companies. If you’d like to speak to an expert about your needs, you can reach us at 123-699-2994.
