What coverages do Self Storage Commercial Insurance policies come with?
Most self storage commercial insurance policies come with a variety of coverages, which include both liability and property protections. Liability protections mainly guard against situations where a business could be sued. Property protections mainly guard a business’ physical assets that could be damaged or stolen.
Some of the liability protections that are commonly offered include:
- Sales & Disposal Liability Coverage, which may protect against financial liability after disposing of an abandoned unit’s contents
- Customer Property Legal Liability Coverage, which may protect against damage to customers’ stored property
- General Liability Coverage, which may protect against “slip and fall” accidents that occur on a facility’s property
- Cyber Liability Coverage, which may protect against data breaches that compromise customer information
- Employment Practices Liability Coverage, which may protect against allegations of employment discrimination
Some of the commonly offered property protections are:
- Commercial Building Coverage, which may protect a facility’s owned buildings against damage/loss
- Commercial Contents Coverage, which may protect a facility’s equipment and supplies against damage/loss
- Equipment Breakdown Coverage, which may protect against unexpected breakdowns of climate-control equipment
- Business Income Coverage, which may protect against prolonged periods of lost revenue that disasters cause
- Crime Coverage, which may protect against employee theft and/or theft by other persons
An insurance agent who specializes in self storage commercial insurance can review all of the coverages that these policies can come with.
Do Self Storage Facilities need workers compensation coverage?
Massachusetts generally requires businesses to carry workers compensation coverage, which normally covers workplace injuries. Most self storage facilities need this coverage since they have employees.
Whether workers compensation is included within a self storage facility policy depends on the particular policy. Sometimes workers comp is purchased as part of one of these policies, and other times the coverage is purchased separately. Workers comp is easy to procure in either case.
How much are premiums for Self Storage Facility policies?
Premiums for self storage facility policies vary, because they’re based on many different factors. A facility’s location, size, annual sales and past claims are just a few of the many factors that can impact price.
The easiest way to find out how much insuring a particular storage facility will cost is by working with an independent insurance agent. Independent insurance agents can quickly obtain customized quotes from several insurance companies, and then review each one.