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Key Agent Newsletter
Spring 2017

.

IN THIS ISSUE:

. Preparing Your Property for Hail Storms
. Special Event Insurance:
. Affordable Coverage to Protect Your Business
. On the Road with MiniCo
     
.

Special Event Insurance:
Affordable Coverage to Protect Your Business

HailTelevision programs like Storage Wars became famous for showing large groups of people gathered at a self-storage facility for lien sales, events that were generally sparsely attended in the days before the self-storage industry found itself in the reality TV spotlight.

Lien sales are not the only reason your facility may draw a crowd. Hosting events at a self-storage facility is an excellent way to market your business to the public, network with prospective customers and spread some goodwill within the local community. Whether you’re planning an open house, charitable event, carnival, picnic, holiday party or other type of event, the goal is to encourage people to visit your property.

Beyond the necessities of lien sales and positive marketing benefits of neighborhood events, these situations could expose your business to risk that may not be covered by your existing businessowner’s insurance policy (BOP). The good news is that there are simple and affordable steps you can take in advance of the event to protect your organization.

. Special Event Insurance — Many companies
. offer property and liability coverage for special
. events. These policies may address third-party
. property claims, host liquor liability, personal
. injury claims and many other event-day disasters
. that might occur related to the special event.
. Special event insurance policies typically are
. relatively inexpensive and many can be
. purchased the same day. This coverage benefits
. you by addressing the exposures of the event
. without putting your BOP coverage at risk. Your
. insurance agent will help you identify a policy that
. will address potential exposures for your specific
. event.

. Vendors and Concessionaires — If your event
. includes the use of vendors, food and beverage
. concessionaires, ride operators or other service
. providers, take precautions when contracting for
. their services. Each vendor should hold the
. appropriate licenses and insurance to operate
. at your event.

. Facility Preparation — The whole point of
. hosting an event is to draw a crowd, so take the
. time to prepare your facility for a large number of
. guests who are not visiting your property for
. normal business reasons. Be aware of
. occupancy restrictions and plan ahead to control
. attendees’ access to the facility where
. appropriate. Use signage and cones to direct
. members of the public to the area where the
. event will take place, make sure the parking area
. for attendees is clearly marked, and remove
. attractive nuisances such as golf carts.

The main purpose of a special event is to have fun, raise money if it is a charitable event, and introduce your self-storage facility to the local community. In order to be sure that everything goes smoothly, it is highly recommended that you take these precautions and consult your insurance agent and attorney to ensure that you have the appropriate insurance coverage and properly written agreements in place to protect your business, your customers and your guests.


 

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10851 N. Black Canyon Highway, Suite 200, Phoenix, AZ 85029
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