Mini storage businesses need a variety of insurance coverage types. Patrons of these businesses are generally expected to insure the goods that they store, and many storage providers like to roll the cost of a basic insurance package into the monthly rent. Tenant insurance of this nature is certainly a good thing to have, but it's not enough by itself to protect a self-storage business.
What insurance products should a mini storage facility in the Chicago area be considering? The following are all good options to ensure that business is not disrupted.
All storage businesses face certain ongoing property damage risks such as fires, broken or leaking water pipes, and pest invasions. Mini storage businesses also face certain inclement weather risks, particularly during those tough Chicago winters. Pipes are at much greater risk of bursting, roofs can cave in or develop serious leaks due to snow and ice pile-up, and vehicles may have collisions after sliding on icy pavement.
Commercial property insurance protects businesses from these everyday accidents and mishaps.
Liability insurance protects businesses when issues involving employees arise. That includes both accidents on company property that may cause harm to an employee and damage that may be caused to the facility or to tenant property by an employee.
This type of insurance can also extend to cover amounts that a facility is found to be liable for due to damage to or removal of a tenant's property.
Storage facilities are popular targets for burglaries. These are usually "brute force" attacks that involve causing serious structural damage to the facility, leaving your business with both repair bills and customer liability issues.
There is also an increasing need for storage facilities to think about damages caused by cybercrime. Small businesses like mini storage facilities are becoming a very popular target for hackers, due to the perception that they are an easier target that is less prepared for an attack. Facilities that are storing the credit card and personal information of customers for automated billing are sitting on a stash of financial information that cyberthieves are very interested in, and indiscriminate "ransomware" attacks can hit any type of business rendering all of their computer records instantly inaccessible.
If your facility has to close temporarily due to an emergency or some sort of critical structural damage, insurance is available to help cover your bills and expenses until you can return to normal operations.
Each mini storage business will have their own unique combination of insurance needs. If you're in the Chicago area, feel free to give us a call at 256-232-7818. We'll be happy to go over your options and come up with the best possible package.
To learn more about our insurance products and services, speak with one of our experienced professionals today.