When owning a business, it’s important to have the appropriate insurance to provide coverage for the unexpected. Self-storage facility insurance should reflect the different insurance needs of these businesses.
A specialty BOP, or business owner policy, is a package of self-storage facility insurance coverages that are commonly necessary for facility owners. These policies are convenient and typically easily customizable for small business owners when compared to other larger insurance plans. A basic BOP consists of three main parts: property, general liability, and business interruption.
Most facility owners understand the importance of having the right general liability (GL) insurance for self-storage businesses but may not understand that a GL policy is not all-inclusive and doesn't provide protection for losses association with business personal property and other critical coverages. A BOP is an affordable option for insurance for self-storage businesses that need both liability and property insurance. Compared with stand-alone coverages or larger commercial package policies, BOPs are often the ideal choice for smaller operations.
Advantage 1: Convenience
By packaging property and liability coverages together, the insurance process is simplified, resulting in a single policy and premium bill. It can also simplify the process of filing and resolving a claim.
Advantage 2: Cost-Effectiveness
In many cases, purchasing various stand-alone lines of insurance for self-storage businesses or going with a larger commercial package policy is less affordable than a BOP.
Advantage 3: Customized Coverage
BOPs can be customized for particular industries and types of businesses including self-storage. The coverages included in a BOP can be modified to create a custom policy to meet your operation's specific insurance needs. This flexibility means that BOPs also can grow as your business grows and changes.
Speak With Your Agent
For self-storage business owners, it is important to work with their insurance agent to identify a BOP that includes coverages suitable to address exposures and flexibility to customize the policy as needed to meet the individual operation's needs. It is also important to identify a BOP that offers specialty coverages designed specifically for self-storage operations such as customer goods legal liability and sale and disposal liability. Your agent will help you determine if a BOP is the most effective option in insurance for self-storage businesses for your specific needs.
View Coverage Highlights for more detailed information. Some coverages may not be available in all states.