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Self-Storage Insurance in Canada: Understanding the Hard and Soft Market Cycle

Toby Struewing Comments
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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. 
Considering Change

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?
Most insurance brokers dislike the market cycle. However, a broker does play an important role in reducing the impact of the market cycle by understanding your industry and having strong relationships with insurers. Hopefully, you now have a better understanding of what drives it and how it may affect you as a self-storage operator.
Toby Struewing, commercial account executive for Cowan Insurance Group, is a specialist in Canadian self-storage business insurance. To reach him, e-mail
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