Like any other business, insurance is a necessity for self-storage facilities. But the self-storage industry has its own unique operational, legal, and financial aspects. This requires policies that are crafted around the needs of self-storage businesses.
Independent insurance agents that understand the needs of self-storage businesses and offer these specialty coverage lines can become trusted risk advisors. MiniCo’s self-storage specialty insurance provides superior coverage specifically designed for the unique exposures of self-storage businesses.
Customers Goods Legal Liability
This optional coverage is available against loss or damage to personal property belonging to the customer. This includes defense against allegations, and limits are available up to $1 million.
Sale and Disposal Liability
Coverage for claims against negligent acts helps protect the insured against liability resulting from actions like lockout or removal of a customer’s property. This also includes defense against allegations.
Limited Pollutant Removal
If pollutants are stored and require removal, this coverage pays for removal as required by the appropriate statutory authority. Limits of up to $200,000 are available.
Business Property and Income
Business property includes coverage for building and structures, as well as computer and office equipment.
Business income coverage includes actual loss up to 15 months and replacement cost coverage. Business income coverage also includes extra expenses, and extended business income is included up to 180 days beyond the date of repair or replacement.
Crime coverage includes incidences on and off premises plus employee dishonesty and forgery. Identity recovery coverage is now included as well.
Business liability is available with a range of coverage limits up to $4 million. Personal injury and advertising injury are included as well as auto liability and medical expenses.
Optional coverages include systems protection, earthquakes, employment practices liability, data compromise coverage, and employee resident manager’s personal liability.
Brokers and agents interested in offering self-storage specialty coverage can get started by registering today here.
Note: Some coverages may not be available in all states. Coverage limits vary by state.