If you own a self-storage facility, it’s virtually inevitable that you will wind up making an insurance claim at some point. Whether it’s property damage, theft, bodily injury or a lien auction, there are unique risks involved in operating such a facility. If you do file a claim, there are a few things you should keep in mind.
Document All Relevant Information
The more information you have, the better your insurer can help you with your claim. If you are making a claim about property damage, an injury or theft, photograph the scene and take detailed notes of what you see and what you hear from any witnesses. You also need to keep all receipts related to any repairs you make or any items you have to buy. Send the relevant information you’ve collected to your insurance representative as soon as possible.
Review Your Security Camera Recordings
If you have a video surveillance system, make sure to review and save any footage that could be relevant to your claim. Many systems record over footage after a short period of time, so it’s critical you examine footage as soon as you are notified of an incident at your facility.
Don’t Take Matters Into Your Own Hands
You aren’t just paying insurance premiums to get reimbursed for a covered loss; you’re also paying for the expertise of the insurance company’s employees. If you have an incident at your facility, don’t try to handle it yourself. Don’t give out any information, other than your business contact info, to anyone before contacting your insurance agent. And do not admit any liability or offer to pay for any damages. Make a claim with your insurance company and let your agent handle it from there.
Don’t Delay In Contacting Your Insurer
Finally, you should contact your agent the minute you become aware of a potential claim,. In some cases, the earlier you contact your insurer, the more they can do to help you avoid potentially costly claims and lawsuits.