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Storage Protectors Launches Insurance Product for Operators of Portable Self-Storage

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Storage Protectors LLC, a Phoenix-based business specializing in contents insurance and damage-waiver coverage for portable-storage businesses, has launched a program for facility operators in Australia, Canada, New Zealand, the United Kingdom and the United States. Similar to self-storage tenant insurance and protection plans, the program allows operators to offer customers protection against damage to their stored items.

Each policy is underwritten by Lloyd’s of London, and issued and administered through Alliant Insurance Services Inc. It insures contents stored within portable-storage containers, mobile offices, trailers and vehicles, as well as the container itself, according to a press release. It also protects operators from liability for customer losses, theft or damage, whether the container is at the storage facility, a private home, commercial business location or in transit.

The program offers an opportunity for extra revenue by allowing storage operators to retain 50 percent of the cost as an administration fee, the release stated. Insurance starts at $12 per month for $2,000 of coverage. It has a $100 deductible for coverage up to $10,000. "Storage Protectors takes on all the costs of program implementation, infrastructure and overhead, so the process is pain-free for operators," said James Grant, founder and president. "We even handle customer service, so the facility doesn't have to deal with claims or complaints."

When a customer chooses to rely on his homeowners or renters insurance for goods in storage, the coverage may come with a high deductible, or be limited or exclude certain items, Grant said. "Availability of adequate and affordable insurance coverage for portable storage has been a problem in our industry for a long time. Only the large operators, such as PODS and Pack Rat, or those affiliated with traditional self-storage facilities had the resources to offer insurance specifically for a tenant's property and the containers. These services now give the smaller operator the tools to compete with the larger companies while adding additional cash flow and valuation to their companies without any out-of-pocket expenses."

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