This is especially true when a program has been in place for a long period of time and has significant participation and premium volume. Another relative factor is the risk level of self-storage, which is considered relatively low when compared to other industries.
The premium for a single-policy term should not be the only factor when buying insurance. Here are some critical elements that should also be considered:
- Where is the insurance market relative to the cycle outlined?
- Is the insurance company committed to your industry, regardless of the market cycle?
- Are the insurance company and broker financially viable?
- Is the broker familiar with your industry, and does he understand your specific needs?
- How broad or restrictive is the coverage?
- Is industry-specific coverage provided or available?
- What is the relationship between the insurance company and broker?
- What types of value-added services are provided?
Toby Struewing, commercial account executive for Cowan Insurance Group, is a specialist in Canadian self-storage business insurance. To reach him, e-mail email@example.com.