What Agents Need to Know to Protect Their Clients Delinquent tenants are a fact of life for self-storage businesses. A small number of delinquencies will eventually result in a lien sale, wherein the facility auctions the contents of the delinquent tenant’s storage unit. If you work with accounts in this industry, it’s important for you and your...
It’s resilient. It’s adaptable. And it could be a key opportunity for you as an agent. While the industry has matured and competition has intensified, demand for self-storage holds steady. Take a look at these self-storage industry trends to learn why you might want to investigate the opportunities for building your book of business. 1. A Large,...
Self-storage conversions are having a moment. If you work with clients planning portfolio expansion, the latest Inside Self-Storage (ISS) article, “Self-Storage Conversion Projects: Benefits, Options and Key Considerations for Success,” is well worth your time. The piece breaks down why conversions are becoming a go-to strategy, where the hidden...
When it comes to self-storage, “standard coverage” is anything but standard. These facilities operate in a space where everyday risks look very different from those faced by traditional commercial properties, and so do the coverage needs. That’s exactly why specialized self-storage insurance exists: to account for the realities of the industry...
Rising risks are reshaping the self-storage industry. Here’s how agents can help clients stay protected and why specialized insurance is essential. Self-storage has become one of the fastest-growing segments of the commercial property market, but beneath the surface of this booming industry lies a web of evolving risks. From billion-dollar...
When insurance agents consider expanding their book, it’s not uncommon for them to focus on familiar markets, like construction, healthcare, and retail. But one of the fastest-growing and most resilient sectors of commercial real estate is often overlooked: self-storage. Think about it. It’s a sector woven into everyday life. Families use...
Annual insurance reviews are more important than ever for self-storage operators. With turbulence in the property insurance market and new exposures emerging, agents need to ask the right questions to uncover risks, negotiate favorable terms with underwriters, and fully protect their clients’ operations. Why Are Annual Insurance Reviews Critical...
In a recent blog, we looked at how self-storage insurance evolved from basic brochures into a multibillion-dollar industry. That growth opened the door for something new: tenant protection plans. While traditional tenant insurance programs are still a popular option, protection plans are now rapidly becoming the hottest topic in the self-storage...
Think back to when self-storage was just a collection of metal buildings on the edge of town with units people could rent to stash the stuff that didn’t fit in their garages. No frills. No climate control. And certainly no high-tech security. Fast-forward to today, and the global self-storage industry is on track to surpass $83 billion by 2030....
When it comes to workplace safety, most business owners know the basics: follow OSHA rules, keep the first-aid kit stocked, post the right signage. But the real cost of workplace incidents runs deeper than fines or medical bills. Lost productivity, higher insurance premiums, and reputational damage can ripple across your operations. The good...
A wobbly step. A heavy toolbelt. A quick reach just a little too far. It doesn’t take much for a ladder workplace accident to happen. And when it does, the costs can be staggering. Falls from height account for $17.1 billion in workplace injury costs each year. Ladders alone rank #4 on OSHA’s Top 10 most-cited violations, and falls remain one of...
California self-storage businesses need to be aware of changes to the state’s fair debt collection statute to ensure they are in compliance with the expanded scope of the law. The California Self Storage Association (CSSA) warns that several lawsuits alleging noncompliance have already been filed since the amendment’s effective date of January 1,...
Once upon a time in Phoenix, an entrepreneur spotted an opportunity and launched a company that became a leader in specialty insurance program administration. Space for Innovation In the early 1970s, the concept of self-storage was relatively new for consumers and the business world. Fewer than 1,000 facilities dotted the U.S. For Hardy Good, an...
Mike Schofield The property and casualty (P&C) insurance market was one of the most talked-about topics of 2024. With 2025 in full swing, what’s the outlook for 2025? To help make sense of the issues, particularly for the self-storage industry, we sat down with Mike Schofield, Chief Revenue Officer at Jencap Program Administrators, to discuss...
In the intricate, high-stakes world of architecture and engineering, every blueprint drawn and calculation made carries immense responsibility. Professionals in these fields face unique risks that require specialized protection. Whether you’re catering to architects designing skyscrapers or engineers developing innovative infrastructure,...
Self-storage facilities may look like typical brick-and-mortar business operations from the outside — but, when it comes to insurance coverage, they’re not. The truth is, with their distinct property exposures, self-storage facilities require a different approach to insurance coverage, one that accounts for their specific vulnerabilities. ...
Self-storage facilities, sometimes perceived as low-risk environments, can unexpectedly become targets for liability issues, particularly in the category of slip, fall, and bodily injury claims. Picture this: An excited college student, arms full of boxes, takes a serious fall while walking down an interior hallway to their rented unit due to a...
The self-storage industry has grown rapidly in the past several years, reaching an estimated market value of $44.37 billion, outpacing many other notable companies like Aflac, General Mills, Humana, and even 7-Eleven. The reason? People love their stuff — and they don’t want to part ways with it. According to Josh Leykam, MiniCo Vice...
Most business owners understand the importance of having the right general liability (GL) insurance. What they may not know is that their GL policy isn’t all-inclusive and doesn’t provide protection for losses associated with business personal property as well as other critical coverages. A business owner’s policy (BOP) is an effective option for...
Americans love our stuff — and we’re so reluctant to part with it that we’re willing to pay someone else to store it. Storage Cafe estimates that 38% of Americans have used or plan to rent space to store what they can’t (or don’t want to) keep in their homes. Over the past two years, there’s been a boom in the self-storage industry, driven...
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