Self Storage Tag

03 Sep Understanding Business Insurance: What is BOP?

Posted at 13:17h in Commercial Insurance

Many businesses take a piecemeal approach to buying insurance. One policy for property insurance, another for liability insurance, and so on. Unfortunately, this approach can be difficult and time consuming, particularly for small- and medium-sized businesses. For these businesses, a Business Owners Policy, a BOP,...

23 Jul Is Your Self Storage Facility Prepared for the Next Disaster?

Posted at 12:40h in Self-Storage

Preparation is the key to surviving a natural or human-caused disaster. Nevertheless, a survey by the Ad Council found that 62% of respondents did not have an emergency plan in place for their business. Since up to 40% of businesses affected by a natural or...

30 Apr Is a Resident Manager Ideal for Your Self Storage Facility?

Posted at 18:03h in Self-Storage

Resident managers are not as common as they used to be in the self storage industry. For some self storage facilities, however, a manager living on the premises may be the key to running a successful operation. Though cost is an important factor when deciding...

22 Jan Vehicle Sales Can Be Risky Business for Self Storage Facilities

Posted at 14:12h in Self-Storage

Dealing with delinquent tenants is an unavoidable part of operating a self storage facility. Strict legal requirements make enforcing storage liens and selling tenants' property a risky proposition. The risk is even greater for those facilities that permit the storage of motor vehicles. Unlike other kinds...

25 Sep Self Storage Facilities: Protecting the Bottom Line

Posted at 15:12h in Risk Management, Self-Storage

Most businesses rely on their facilities to manufacture products or provide services. In the self storage industry, the facilities typically are the product. If property loss or damage is not fixed quickly, the business may fail. Though most believe their self storage facilities are adequately...

08 Apr Protecting Valuable Business Papers and Records

Posted at 14:13h in Commercial Insurance, Risk Management, Self-Storage

Businesses often prepare an inventory of valuable property to simplify the process of filing an insurance claim in the event of a loss. For some reason, papers and records rarely make the list, even though losing these documents could disrupt business operations. Fortunately, insurance is...

11 Dec Insurance Designed for Self Storage Facilities

Posted at 13:52h in Risk Management, Self-Storage

When considering insurance, owners and operators of self storage facilities often focus on traditional coverages despite facing risks that are unique to the self storage industry. As a result, some of the biggest risks faced by self storage facilities remain uninsured. To avoid this problem, owners...

09 May Florida’s New-Look Self-Storage Facility Act: Are You Ready?

Posted at 13:18h in Professional Liability, Risk Management, Self-Storage

In April 27, 2012, a bill amending Florida’s Self-Storage Facility Act (Act) was signed into law by Governor Rick Scott. The bill primarily implements changes to the notice requirements related to enforcing an owner’s lien against items stored in a self storage facility. According to...

22 Mar Moving Up: Raising Self-Storage Rents

Posted at 19:26h in Commercial Insurance, Self-Storage

By Elizabeth Ferrin Some self-storage managers have adopted a strategy of using sophisticated algorithms and demand analyses designed to maximize revenue when calculating their rents. This means that customers will receive a different rate for storing at the same facility. A customer who calls twice in...

14 Dec Using Rental Agreements to Limit Liability Exposures Facing Self-Storage Facilities

Posted at 17:47h in Self-Storage

As with any business, self-storage facilities must take affirmative steps to protect the bottom line. Unfortunately, too many self-storage facilities overlook perhaps the most important and effective step of all--using the rental agreement to limit their liability exposure. Though it is virtually impossible to completely insulate...