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Specialized Insurance Coverages: Essential to Business Protection

Whenever businesses hear the word "insurance," they balk because they know that getting

insurance can be costly, though for self storage insurance, it can be more affordable than you think. But every business, self storage facilities included, need some sort of insurance to protect their assets and profits from accidents, legal action, or disasters. Specialized insurance for self storage facilities, in particular, are useful tools in dealing with protecting your business against the three calamities listed above. Even if you operate your business as smoothly and as by-the-book as you possibly can, you will need specialized insurance to cover the unexpected event that eventually comes up. Knowing what kinds of specialized insurance for self storage facilities are out there and how they can help, will help you make the best decision in getting specialized insurance.

Every business should have insurance coverage that covers their basic and extended needs. And because every business, from car dealerships to hospitals, has different needs, so will the needs of your self storage facility. In fact, there is several specialized insurance coverage that self storage businesses should get. The three types of specialized insurance coverage that you should get are Tenant Contents Abandonment, Operators Legal Liability and Sale and Disposal Legal Liability. Each type of coverage is specific to the self storage industry, and cover specific aspects that can negatively impact the operation of your business. Specialized insurance can help you protect your business and your peace of mind.

The first type of specialized insurance protects your business from contents that tenants have left in your storage facility that need special handling to remove. This kind of specialized insurance covers cleanup and removal of environmentally sensitive materials, such as radioactive waste, or materials that cannot be discarded in landfills. These kinds of materials are not easy to remove and dispose of properly by anyone. In these cases, special vehicles, containers or equipment are required to properly handle these materials without exposing anyone to the health hazards they possess. Of course, not having these materials on your property to begin with can minimize the risk of having to deal with hazardous substances, but nonetheless, even if it's written into the rental agreement, tenants have been known to violate the agreements and store contents in self storage facilities that are illegal or violate the rental agreement. That's why Tenant Contents Abandonment, as the specialized insurance coverage is known, is important to have. Without it, you could be stuck with a very large bill that you may be responsible to pay for.

The second type of specialized insurance covers you from damaged or lost contents. If a tenant is using your storage facility and notices that his or her contents have been damaged or stolen while in storage, you don't have to be on the hook. Anytime a tenant presents a legal lawsuit against your business, Operators Legal Liability can protect you by paying for your legal costs and damages to the tenants' contents up to a certain amount. This is a good policy to have since you can never know if the tenant is telling the truth about damages to the contents that are being stored in your facility. But whether or not it's true, your legal costs are covered.

The third type of specialized insurance covers you from rent that's owed to you from a tenant. This is particularly useful when a tenant does not pay and you need to clear out the contents so you can rent out the previous tenant's space. Sale and Disposal Legal Liability coverage makes sure that you are insured against legal action against you if a tenant claims that their contents were wrongly removed from the storage space. Of course, you need to follow your state's rules on how to properly dispose of a tenant's contents who has defaulted on the rental agreement. In the case that legal action is taken against you, this insurance will help cover your legal fees.

Specialized insurance coverage for self storage facilities are essential to the health of the business. By protecting yourself against lawsuits and damages, you are protecting the viability of your business. It makes good financial sense to protect your business with these specialized insurance coverages.

Specialized Insurance Coverages: Essential to Business Protection

By: Scott Meyers
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Specialized Insurance Coverages: Essential to Business Protection