Self-storage facility insurance solutions throughout Richmond, VA and all of Virginia.

Your business is responsible for the personal belongings and prized possessions of your tenants. There are risks associated with everything from your units to the items stored on your property—that’s why you need the backing of a self-storage facility insurance policy.
Insurance that self-storage facilities should consider.

As a self-storage facility owner, the main service you provide is offering storage in your units. Because your property itself is an essential part of your business, you need to have commercial property insurance that helps protect your units and offices in the event they are damaged by covered events. Another important coverage to have is general liability insurance, which offers coverage for incidents involving damage to the property of others or injuries sustained on your property. In addition, business income insurance offers important protection if your business is unable to operate normally or forced to close down for a certain period of time.

Coverage options for your property.

Even more coverage options exist to further expand the protections your business has in place. For example, theft is a concern of every self-storage facility owner. Crime insurance protects your business from the financial impact of criminal acts against your business. Also, if your facility offers climate-controlled storage, having equipment breakdown insurance may help cover the cost of repairs or replacement of the equipment, as well as damages and losses to property, should the equipment malfunction. Sales and disposal liability insurance may cover your business from lawsuits regarding the sale or disposal of a tenant’s property due to non-payment.

The risks of owning and operating a self-storage facility.

Your business relies on renting out your storage units. If your storage units suffered damage in a fire, would you be able to recover without insurance? Your tenants count on you to keep their valuables safe while stored on your property, are you prepared for a lawsuit if someone’s property is stolen under your watch? What if you have a tenant who fails to pay their rental fees, but when your employees dispose of their property, it turns out that they threw out the wrong tenant’s property by mistake? Your business could be held liable and you would need to pay for replacement costs and pay any legal fees should they file a lawsuit. These are some different types of risks to consider when choosing a self-storage facility insurance policy.

The business side of self-storage.

While your business might not be like most in the traditional sense, there are still general business coverages that you’ll want to consider. For example, if you take payments online or store sensitive tenant information on your computers, your business could face severe financial consequences if that information is hacked and stolen. Cyber liability insurance would protect your business in those instances. A commercial umbrella insurance policy may offer extra protection and kick in should your coverage limit be reached on your underlying insurance policy when claiming a loss. Also, if you hire employees, you’ll need coverages such as employment practice liability for discrimination lawsuits, workers’ compensation for injuries while on the job, and employee dishonesty liability insurance should an employee steal from one of your tenants.

Are you looking for self-storage facility insurance? Contact us to discuss your options.

Let’s discuss your self-storage facility insurance.

One of our insurance advisors will reach out to you to review your information and present you with the appropriate self-storage facility insurance solution. There’s no obligation, just good-old-fashioned advice.
KilGO Insurance Agency offers comprehensive self-storage facility insurance throughout Virginia, including Richmond, VA, Fredericksburg, VA, Charlottesville, VA, and Virginia Beach, VA. We also service Raleigh, NC, Charlotte, NC, as well as Montgomery, MD, and Howard, MD.