When getting a quote or purchasing a workers’ compensation policy, most owners exclude themselves from the coverage. This is done for various reasons, but primarily because business owners would not turn in this type of claim against themselves. Since the premium is based on annual payroll and the number of employees, by eliminating the owner, the premium is lower.
Most owners would prefer to use their own healthcare benefits for coverage in the event of an accident or injury, saving premium dollars. Be sure to include any friends and family members working part or full time, as they should and will be considered employees.
To obtain a premium quote, you’ll need some information regarding the storage facility, along with your estimated annual payroll for the current year and the number of part- and full-time employees. Workers’ compensation is a vital, reasonably priced product and should be purchased if you have one or more employees.
Note: The insurance company’s liability for coverage in the scenarios described herein is subject to the terms, definitions, conditions, exclusions and limits of liability of the policy. These examples in no way obligate either the insurance company, or any party to the program to respond to claims for coverage not granted by the policy.
Randy Tipton is the owner of Universal Insurance Facilities Ltd., which has provided specialized insurance coverage to the self-storage industry for more than 12 years. Universal has clients in 49 states, with a commitment to providing A-plus-rated service; fast, fair claims handling at an affordable premium; and agents trained specifically in self-storage. For more information, call 800.844.2101; e-mail firstname.lastname@example.org; visit www.universalinsuranceltd.com.