Purchasing or renewing the insurance policy on your self-storage business is an interactive process involving you, your independent insurance agent, and the underwriter. Once the policy is accepted and coverage is bound, you're all done for another year, right? Not necessarily.
Your insurance policy documents contain verbiage somewhere that gives the insurance company the right to inspect your property and operations. Insurance professionals refer to this process as loss control underwriting surveys and inspections. What this means for you, the business owner, is that the insurance company may send a loss control expert to visit your business, typically within 60 days after the policy has been bound, to inspect your operations and identify any hazards or exposures that may increase the risk of a loss or claim.
Next week, we will review what you need to do to prepare for a loss control underwriting inspection.
President & CEO
MINICO INSURANCE AGENCY, LLC
Member ARAN Insurance Services Group
10851 N. Black Canyon Highway, Suite 200, Phoenix, AZ 85029