3 Ways Mini Storage Insurance Can Protect You
It’s no secret – Americans are on the move. Houses and apartments are being snatched up left and right, especially in some regions of the country. Northern Alabama and Middle Tennessee, for example, are among the fastest-growing areas in the United States. If predictions are correct, 1 million new people are expected to move to Middle Tennessee by 2040. And Huntsville, Alabama, is one of the most popular moving destinations in the lower 48 states. If you own a mini-storage facility in a high-volume area, you’re likely fully booked and may have a waiting list for available units. That’s good for business. But are you completely protected against loss?
With the vast number of people moving into the area, storage facilities in Northern Alabama and Middle Tennessee are high-volume businesses. More people moving through your facility inevitably means more liability. Most of your customers will have insurance that protects their belongings. If not, it may be something you’ve rolled into the price of the unit, or possibly offer your customers as an option. This type of insurance protects both you and your customers, as theft from your facility could result in a lawsuit if belongings weren’t covered, but there’s more to be concerned about. Mini-storage facilities face a unique variety of risks, which makes specialized mini-storage insurance critical to keeping you fully protected.
Some of the risks you face are obvious; others are less so:
1. Damage to Your Facility from Theft
Even though you have the highest level of security available, theft can happen. Mini-storage units are a popular target due to the potential windfall in what’s being stored. In the event of a burglary, the most common assumption is that the loss pertains to the items stolen. Sure, but most thieves aren’t careful.
The majority of thefts from mini-storage facilities leave damage, sometimes considerable, to the door, the frame, and the surrounding structure. Thieves use blunt force to gain access and your building suffers the consequences. And while the contents of the unit might be protected, you need to be sure you’re protecting your facility as well. Mini-storage insurance keeps you protected against damage resulting from burglary.
2. Cyber Liability
Even the world’s most secure systems fall prey to hackers. Despite your level of sophistication, mini-storage facilities are an increasingly popular target for cybercrime due to the amount of customer data stored and the assumption that storage businesses are less prepared to fend off that sort of attack. If an outside agent accesses your customers’ personal data, you’re at risk. You can also face shutdowns if you’re subject to a ransomware attack, and you can’t access your system or any of your records. Comprehensive mini-storage insurance protects you against this sort of risk.
3. Business Interruption
If there’s one thing you can accurately predict, it’s that the weather in Alabama and Tennessee can be unpredictable. The area can be subject to violent winds, torrential rains, and even, on rare occasions, snow and ice. Any one of these can lead to a temporary shutdown, which can cost you business. Specialized mini-storage insurance can help you make it through until you can return to business as usual.
Keeping Yourself Protected in the Best of Times
Business is booming, and in popular moving destinations like Northern Alabama and Middle Tennessee, mini-storage units are a hot commodity. In this time of plenty, it’s important to remember that unplanned losses can have great consequences. Be sure your facility is protected -- explore your options for comprehensive mini-storage insurance so you can rest easy and enjoy the bounty.
Contact Pepper, Johnstone & Company for Specialized Mini-Storage Insurance
Pepper, Johnstone & Company has created specialized mini-storage insurance that covers all the risks your business may face. You can relax knowing that your facility is fully insured against the liabilities and damages that can come with owning and operating a mini-storage facility. Contact our office in Athens, Alabama to explore our coverage options in Alabama, Tennessee, and other areas.