risk management: tip of the week

Fire Prevention

Insured property losses as a result of the devastating Camp Fire reached $8.4 billion at the end of January 2019, and the California Department of Insurance expects that number to rise. The deadliest wildfire in the state's history represents the largest portion of California's estimated $12.4 billion total wildfire claims for last year.

Wildfire and fire caused by other sources is a serious concern for self-storage businesses across the country and one of the costliest causes of loss for property owners and insurance carriers. In addition to the cost of repairs and loss of business income while spaces are unavailable to rent, the toll a fire can take on your operation can be devastating. The sight of a damaged, burned-out building can make it difficult to rent units to prospective customers, and customer retention could be impacted negatively. It is critical that business owners take action to mitigate the potential risk of fire on their properties.

Next week, we'll review tips to help prevent fire at your facility.

For more tips, sign up for the quarterly e-Risk Management newsletter. It's free!

Sincerely,

Mike Schofield

Mike Schofield
President & CEO

MINICO INSURANCE AGENCY, LLC
Member ARAN Insurance Services Group

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