Self-Storage Insurance: Changing With the Times

I am a big supporter in local representation because I believe that a close relationship and proximity are important in an insurance transaction. However, I would not trade local representation for the importance of professional understanding of both insurance and the self-storage business. I offer two solutions to this problem:

1. Numerous agents and brokers specialize in self-storage and work with owners/operators across the country. They can provide the professional service you deserve even if they are not located near your business.

2. Many insurance providers specialize in working with the self-storage industry and working with independent agents. They are usually quite willing to work with your local independent agents to provide them with the knowledge they need to properly evaluate your insurance needs and design a program that is appropriate for your business.

Even when products remain unchanged, people, pricing and service of an insurance provider can change. People retire or change jobs; insurance pricing fluctuates among companies over time; and support service that was once a strong reason for your selection of an insurance provider can be altered. If you have doubts or concerns about your insurance program because of changes in people, service or price, it is better to address these before you need to make a claim rather than after a real need arises.

One more agent of change should cause business owners to pick up the phone and call their insurance agent or provider: changes you make to your own business. A well-planned insurance program can become ineffective with change in a business that is not disclosed. Property exposures that are adequately insured at the inception of an insurance program can become underinsured when additions or improvements are made over time. Liability insurance underwritten to cover self-storage operations may not extend to new, ancillary services that an operator may venture into after the contract is written.

Change happens, and it happens in many ways that have a direct impact on your insurance program. When you buy insurance, just like when you invest in new technology, you will be happy when it works, saves time and money. This means keeping up with change. In other words: If you change along with the times, change can become an ally to your business.