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Maximizing Your Insurance Coverage

By Chris Betteridge and Kay Schaefer
Deans & Homer


Would you buy insurance for your business that does not protect your business? What if the “worst case” happens to your property or in your business operations? Would you want your property to have an adequate replacement cost insurance limit to repair and replace your property? What about the loss of income after the damage to your site? Wouldn’t you also want your operations protected with adequate limits should something go wrong? What about those unique self storage exposures due to operations of renting units and lien sales?

Every insurance policy has different limitations, deductibles and exclusions. Purchasing a policy through an insurance company that specializes in self storage is a good starting place when you are making your insurance choice. As a property owner and business operator, you should discuss your business details with your insurance agent and your agent should know and understand your self storage operations so that he or she can help you choose the most suitable product and insurance company from the many different options available.

It is also wise to protect your business even further, by offering your customers a tenant protection plan, or tenant insurance.  Since your rental agreement releases you from all liability due to damage or theft of your customers’ goods, not everyone storing with you has anyone to turn to when something goes wrong.  By selling tenant protection plans or tenant insurance to your customers, you are not only protecting your business and commercial insurance policy from claims against you, but this is a great way to maximize your revenue!

Most tenant protection and tenant insurance programs allow you to retain a portion of the revenue generated from these sales.  This margin can be anywhere from 30-90%, depending on the program you choose.  There are many options when it comes to insuring your business. 

Talk to an expert to make sure you are adequately insured.  Although the “worst case” is a rare occurrence, more and more large losses are occurring due to natural, and some human caused, disasters such as fires, tornadoes, and hurricanes, in addition to the smaller claims you may experience.  Deans & Homer has been partnering with self storage businesses for over 45 years and offers some of the most experienced advice when it comes to insuring your business and operating tenant protection or tenant insurance programs.

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