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Minimizing Risk in Self-Storage: Employment Practice Liability Insurance

Tiffany Luongo Comments
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Unfortunately, during difficult financial times, training is often the first casualty of cost-cutting measures because it is considered a nonessential expense rather than a revenue-generating function. However, since any savings generated by eliminating training may be dwarfed by a single employment-related claim, such a perspective can be costly.

Businesses committed to protecting their profits can provide management and workforce training with minimal expense by providing online training. E-learning offers the information necessary to develop competencies in employment practices that ultimately serve to reduce liabilities. The costs of e-learning are significantly lower than those associated with live training, even though online training is infinitely more effective than standard textbooks.

Moreover, today’s technology allows business owners to easily track their workforce’s training to ensure no employee falls through a training crack. With the option of convenient, affordable online training of employees, the benefits of risk reduction are achieved at a marginal cost.

Also, well-written and properly enforced human resources policies and procedures are essential for keeping your business in compliance with the many and varied regulations covering the workplace, even if it is not in the form of a formal division or department within a self-storage organization. It can be invaluable in reducing the risk of suffering employment-related losses, which often result from a lack of knowledge, attention or both. Ensuring neither circumstance exists within your organization can significantly reduce the likelihood of an employment-related claim.

The good news is that EPLI policies are practical and usually quite affordable. Carefully examine your business’s training programs, employment practices and compliance history to determine its degree of exposure to litigation and weigh these factors against the costs of EPLI. Such a risk inventory may make clear that the cost of an EPLI policy may be a relatively small price to pay when measured against the ruinous financial penalties that can result from employment-practice litigation. Your insurance specialist should be able to assist you in selecting the right coverage for your organization.

Tiffany Luongo is an attorney and director of risk management for Setnor Byer Insurance & Risk, an independent insurance agency dedicated to developing comprehensive insurance and risk-management solutions for clients throughout the United States. For more information, visit

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