Commercial Self-Storage

When it comes to running a self-storage facility, securing proper insurance coverage can be complex. MiniCo’s Commercial Self-Storage program combines property and casualty coverage for your self-storage clients.

Are you a self-storage facility owner/operator? Visit this page to learn more about MiniCo’s industry-leading coverage.

Target Classes

  • Construction from 1990-present
  • Purpose-built for self-storage
  • Located outside CAT area (wind, hail, wildfire)
  • No non-storage operations on premises
  • Positive claim ratio with few or no losses for the past 3-5 years
  • Protection classes 1-8

Coverage Highlights

MiniCo’s specialty business owner policy (BOP) for self-storage risks provides superior coverage specifically designed for the unique exposures of self-storage businesses. The BOP includes property, liability, and specialty coverages and offers the highest level of flexibility in coverage customization, limits, and deductibles. Some coverages may not be available in all states. Coverage limits vary by state.

Specialty Coverages
Business Property & Business Income
Business Liability
Optional Coverages
Monoline Property and General Liability
Customer Goods Legal Liability (optional)

  • Coverage against loss or damage to customers’ personal property for which the insured may become legally liable, including property stored in the open
  • Includes defense against allegations
  • Limits available from $25,000 to $1,000,000

Sale And Disposal Liability ($10,000 included)

  • Coverage for claims against the insured for negligent acts arising from the lockout, sale, removal or disposal of customers’ property when reclaiming rented space for which rental or other charges are delinquent or unpaid
  • Includes defense against allegations
  • Limits available from $10,000 to $1,000,000

Limited Pollutant Removal (optional)

  • Coverage is afforded to all the spaces at the insured facility, not just to units that are rented after the date of coverage
  • Facilities over 1,000 units, limits of $100,000/$200,000 and $200,000/$400,000
  • Limits of $25,000/$100,000 and $50,000/$200,000 available
  • Pays for costs to remove pollutants from a storage unit required by the appropriate statutory authority

Coverage is provided for the following exposures:

  • Buildings and structures including fences, building glass, signs, walks and roadways, and buildings under course of construction
  • Business income (actual loss incurred up to 15 months, with higher options available)
  • Business personal property including mini-computer equipment

Coverage features include the following:

  • Business income coverage includes extra expenses
  • Deductible options of $1,000, $2,500, $5,000, $10,000, $25,000, $50,000, and $100,000
  • Extended business income is included up to 180 days beyond the date of repair or replacement
  • No co-insurance clause
  • Replacement cost coverage

Additional coverage is provided for the following exposures:

  • $10,000 employees’ personal property (may be increased up to $15,000)
  • $10,000 fine arts coverage (may be increased up to $250,000)
  • $10,000 recharging of fire protection systems
  • $10,000 trees, shrubs and plants (not to exceed
  • $1,000 on any one tree, shrub or plant)
  • $20,000 additional media and data coverage (may be increased up to $250,000)
  • $25,000 accounts receivable coverage (may be increased up to $250,000)
  • $25,000 personal property off premises and in transit
  • $25,000 pollutant cleanup and removal (must result from a covered loss and be reported within 180 days). May be increased up to $100,000
  • $25,000 valuable papers and records coverage (may be increased up to $250,000)
  • Building ordinance coverage included up to full property limit
  • Fire department service charge is actual loss sustained in lieu of a $5,000 limit
  • Identity recovery coverage is included. This coverage provides case management service and expense reimbursement coverage if certain requirements are met.

Crime

  • $10,000 forgery
  • $10,000 money on premises and $5,000 money off premises
  • $15,000 employee dishonesty (higher limits available)

Coverage is provided for the following exposures:

  • Business liability ($1,000,000 occ/$2,000,000 agg or $2,000,000 occ/$4,000,000 agg limits available)
  • Hired and non-owned auto liability
  • Medical expenses ($10,000 limit)
  • Personal injury and advertising injury

Umbrella Coverage (up to $10 million)

MiniCo offers optional coverage enhancements for additional protection against certain risks.

Deductible Waiver Option

  • Option to waive the named insured’s property deductible when the named insured and the company mutually agree to choose elastomeric roof coating in place of roof replacement to repair cosmetic loss or damage to roof coverings caused by wind or hail.
  • Available in Arkansas, Colorado, Kansas, Oklahoma and Texas

System Protection

  • Coverage for equipment breakdown exposures including security systems; electronic gate systems; HVAC compressors, pumps, fans and blowers; and business equipment to include computers, cash registers, telecommunication systems and photocopy machines.

Earthquake

  • Not available in California or Alaska

Employment Practices Liability

  • Coverage for claims against the insured for wrongful employment practices.
  • Includes defense against allegations

Cyber and Data Compromise Coverage

  • Coverage provides a variety of assistance to insureds pertaining to a wide range of possible cyber attacks and data breaches such as electronic theft or hacking (available in most states).

Employee Resident Manager’s Personal Liability

  • Personal liability coverage for resident managers

MiniCo offers monoline specialty property and general liability coverages designed specifically for self-storage risks that may be challenging to insure. This program offers a solution for facilities in higher-risk geographic areas, as well as those with marginal underwriting characteristics.

  • AM Best A-rated non-admitted carrier
  • Monoline general liability with self-storage specialty coverages
  • Monoline property
  • Nationwide availability

For more information, download our flyers.

Key Contacts

New Business

Chris Nelson

New Business Sales & Development

Renewals

Robert Novak

Commercial Underwriting Team Leader

FAQ

For your convenience we’ve answered some common questions below. Please contact us directly if you have more questions or would like more information.

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Why should I write self-storage risks?

Adding self-storage risks to your portfolio is an excellent way to build your commercial customer base. Over the last several years, the self-storage industry has continued to grow at an impressive rate. Consider these self-storage industry trends:

  • Industry estimates in 2020 project that over 50,000 self-storage facilities are currently operating in the U.S.
  • As of 2021, the self-storage market currently topped $50 billion and is expected to grow to nearly $65 billion by 2026.
  • Demand for self-storage continues to grow as Baby Boomers retire and downsize, home prices and rental rates increase, and businesses seek to lower expenses by downsizing office space.
  • Through the Great Recession of 2007 and the global pandemic that began in 2020, the self-storage industry has proven more recession-resistant, resilient, and adaptable than other property sectors.
What are specialty coverages, and why are they important?

Self-storage operations need solid business insurance coverage as well as specialty coverages to protect against the unique risks they face. The fact that many self-storage insureds are not aware that these specialty coverages exist or do not fully appreciate their importance is a key challenge for independent producers writing self-storage risks.

MiniCo offers three critical specialty coverages:

  • Customer Goods Legal Liability covers tenants’ property losses caused by negligent acts of the self-storage operator. Many competitors do not provide this coverage.
  • Sale and Disposal Liability provides coverage for a self-storage operator’s negligent acts when disposing of a tenant’s property. This is another specialty coverage that competitors may not offer.
  • Limited Pollutant Removal covers the cost to remove “pollutants” from or detoxify a storage space when required by a statutory authority. Coverage is afforded to all storage spaces at the covered facility, not just to units that are rented after the coverage inception date.
How do I get appointed to write business with MiniCo?

Complete our Agent Appointment Form and Producer Agreement Form. Once you are appointed, you will receive an information packet containing detailed descriptions of MiniCo’s self-storage specialty coverages as well as a supply of materials to market the program to your customers.

How do I report agent or agency changes?

Complete an Agent and Agency Change Request Form if your agency has had an entity change, change of address, or change of employees. Complete an Agent of Record Authorization Information Form to change the agent of record.

Do I need to be appointed to get a quote?

No, MiniCo can provide a quote if you are not appointed with us. If you decide to bind coverage, you will need to be appointed to do so.

File a Claim

Claims can be easily completed and submitted online. For best results, complete forms on a desktop computer, laptop computer, or tablet. Completing forms on a smartphone is NOT recommended.

When you submit a completed form, you will see a “Thank You” page. This page confirms that MiniCo has received your form. From this page, you will have the opportunity to download or email a copy of the completed form.

Forms:

Email: claim@minico.com
Fax: (602) 678-3512
Fraud Hotline: (855) 875-0775
Phone: (800) 528-1056
After Hours: (855) 861-0876