Insurance for Self-Storage Facilities

Keeping others' possessions safe is the focus of self-storage facilities; however, many risks are possible in this type of business.

Fire and flood are just two of the possible risk factors that could lead to a liability lawsuit should property become damaged in a self-storage facility. Keep clients in this line of work free to continue taking good care of their clients' property with proper insurance. 

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Covering the Basics

There are three primary coverages any storage facility owner should carry for their business. Many carriers will supply these on convenient package for the business owner.

  • Commercial Property: This provides coverage for damage to the storage facility itself, including the office, and property kept on the premises. 
  • Liability: In the event someone is injured on the property of the storage facility, this protects the business owner from lawsuits and legal fees, and provides coverage for medical bills.
  • Business Income: In the event the storage facility is damaged or must close down for some reason, as long as it is a covered loss, this coverage will provide coverage for loss of income during that time period.
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Other Important Coverage

There are two other important forms of coverage that Storage Facility owners should consider:

  • Customers' Goods Legal Liability: In nearly all cases, Storage Facility owners are not responsible for customers' goods stored on their property. However, if a customers' property is damaged and the owner is found to have been negligent for some reason, the owner could then be held liable for the damages. 
  • Sale & Disposal Legal Liability: In the event a customer abandons their possessions for an extended period of time, or falls behind on their rent and fails to pay for services, it is prudent or necessary for the owner to dispose of the contents of the unit. However, if a case arises where a customer returns and sues the owner for disposing of their property, this coverage would provide legal protection against any claims.