Protecting Your Self-Storage Business: A Full-Time Job

This week, my son is graduating from high school. Of course, this is a huge life-changing event for himand for me. For the past 18 years, its been my job to protect him in all ways a parent does. These days, I struggle with the fine line between overprotection and learning to let go. In business terms, its your basic transferring risk. While Ill always be his mom, his decisionsgood and badalong with their consequences and rewards are now being transferred solely to him.

Its amusing irony to me that ISS also wrapped its annual business protection issue this week. While not a flesh-and-blood child, many self-storage owners think of their facility as their own baby. Protecting itjust as a parent wouldis a huge priority. There are many facets to protecting a self-storage business. In addition to hiring top employees to ensure daily operations are successful, self-storage owners also need to consider the security of their site, maintenance of buildings and components, and ensure the business attracts tenants through quality marketing.

Operators also must have the right insurance coverages, and shield the businessand themselvesfrom litigation. The July print edition, coming your way in just a few weeks, is loaded with articles on topics such as lien sales, rental agreements, vital insurance coverages and other subjects. 

In the meantime, youll find dozens of other resources on business protection on the ISS website and through the new ISS Store, www.insideselfstoragestore.com. Here are a few you should definitely check out: 

Legal Learning Webinar - Self-Storage Lien Sales: Do Them Right or Pay the Price

This webinar focuses on one of the most important aspects of protecting your businessthe lien sale. Just as the title suggests, if you arent conducting your facilitys lien sales correctly, you could end up facing a lawsuit.

Risk Management in Self-Storage: Using Tenant Insurance to Minimize Expenses and Maximize Profitability  

If youre not offering tenant insurance to every one of your renters, youre not really protecting their best interestsor yours. These tenant programs are easy to put in place and can even become an extra revenue stream for your business.

ISS Topics Pages: Legal, Insurance, Management and Security

Each of these pages is loaded with articles, blogs and even some important news items on select topics, all of which are critical components to protecting your self-storage business.

Lien Law Registry

This is where youll find the most up-to-date lien-law documentation for each state. Its imperative you understand and abide your states statutes.

Dont wait until a fire destroys units before you learn about your insurance coverage, or a lien sale goes horribly wrong and you land in a courthouse. The best way to protect your business every day is through knowledge. Get in touch with your attorney and have your rental agreement reviewed. Talk to your insurance agent. Take a walk around your property and look for any riskspotential liabilities, security breaches, tenants storing things they shouldnt, or any other possible threats. A few hours each week ensuring your business is protected could save you from a lawsuit or a devastating loss.