Package Deal: The Advantages of a Business Owner Insurance Policy for Self-Storage Operations

Property: This provides protection for property owned, leased or rented by a business, including buildings, equipment, inventory, furniture and fixtures, as well as loss of accounts-receivable and valuable papers and records. Most BOPs also cover business-owned items and those owned by a third party but kept temporarily in the care, custody or control of the business or its owner.

General liability (GL): This covers a company’s legal responsibility for the harm it may cause to others (bodily injury or property damage) because of negligence. This includes costs related to litigation and court judgments if a customer or other third party files suit against a business or its employees.

Business interruption: This helps replace lost net income that normally would have been earned when an event causes a temporary shutdown. It can be a critical factor in the ability to recover from a catastrophe and continue operation.

Convenience: By bundling property and liability coverages, the insurance process is simplified, resulting in a single policy and premium. It can also streamline the process of filing and resolving a claim.

Affordability: In many cases, purchasing various standalone lines of insurance or going with a larger commercial package policy is less affordable than a BOP.

Customization: Just like businesses, BOPs come in all shapes and sizes. They can be customized for particular industries including self-storage. The coverages included can be modified to meet your specific insurance needs. This flexibility means a BOP can grow and change with your business.