Insurance


  • Insurance Overview
    One of the most challenging tasks associated with owning or managing a profitable self-storage business is securing proper insurance coverage. The multiple liability exposures unique to this industry create an uncommon need for adequate protection. In addition to defending ...More
    March 1, 2005 Amy Brown Posted in Articles
  • Liability Claims on the Rise
    Leading into 2005, the outlook for self-storage commerce remains positive. The industry is growing into an increasingly sophisticated and customer-oriented business. The bad news is legal claims against self-storage facilities are also on the upswing. Self-storage ...More
    March 1, 2005 Mike Schofield Posted in Articles
  • Spring Legal Cleanup
    It's ironic that while this industry reaps the benefit of customers who practice "spring cleaning," sorting through their possessions and moving items into storage, most self-storage owners fail to do a spring cleanup of their own. Many do not perform an annual review of ...More
    March 1, 2005 Kenneth M.Piken Posted in Articles
  • Insurance Risks and Real Estate
    You’ve decided to purchase a self-storage facility and you need to buy insurance. Many buyers want to know how much to put in their pro formas for this coverage. While there is no black-and-white answer, there are factors that contribute to the insurance premium. Knowing ...More
    February 1, 2005 Amy Brown Posted in Articles
  • Sell Your Worst Feature First
    An effective rule of selling is: Sell your worst feature first. If there is something about your facility you feel could negatively affect a rental, bring it the forefront early in the sales process. And don’t just reveal it to the customer—sell it to him. A mere mention ...More
    February 1, 2005 Tron Jordheim Posted in Articles
  • Workers’ Compensation
    Workers’ compensation is designed to ensure that employees injured or disabled while on the job are properly compensated, negating the need for related lawsuits. It also provides benefits for dependents of workers killed by work-related accidents or illness. Some laws also ...More
    January 1, 2005 Amy Brown Posted in Articles
  • Health Savings Accounts
    This article is intended for smaller self-storage operators as well as managers who purchase their own health insurance or who, for economic reasons, have insurance with high deductibles. For the rest of you, tune in to this column in February for something more relevant ...More
    December 1, 2004 Jeffrey Greenberger Posted in Articles
  • Sale-and-Disposal Legal Liability
    Your Tenant stops paying rent on his self-storage unit. You have gone through the legal process of eviction, and now it is time to reclaim your space. You know that whatever the renter leaves behind may be removed and discarded, but only through strict statutory methods. ...More
    December 1, 2004 Amy Brown Posted in Articles
  • Employee Credit-Card Fraud
    Incidents of credit-card fraud and identity theft have risen dramatically in recent years. With increased use of e-commerce and technology in business, it has become easy for thieves to steal and misuse credit-card numbers. The dangers do not always come from outside a ...More
    November 1, 2004 Amy Brown Posted in Articles, Finance
  • What's Up With Permanent Financing?
    “Unbelievable” is the only word to describe continued financing opportunities for self-storage and most other commercial-property types. To illustrate, the following chart shows a sample of long- and short-term index rates over the last 10 years. Today’s rates are still ...More
    November 1, 2004 David Smyle Posted in Articles, Finance