There can be many questions while creating an insurance portfolio for your business. How much coverage do I need? What if someone gets injured on my property? Will I be covered if my property were to flood?
Insurance can be confusing, but we are here to help. Barr’s Insurance has access to several companies that have programs specifically designed to meet your self storage business needs. Below are several key parts to designing a comprehensive package for your business:
- Liability Coverage — This can be especially tricky because it can be difficult to place a value on damage or an injury. Different coverage limits are available to suit your business. This is an area of insurance that should not be cut back on to save money. This coverage is in place to protect YOUR business.
- Business Property Coverage — This coverage is in place to protect your business property should a loss occur. For instance, if your business were to suffer a fire, how much would it cost you to rebuild? This is a question to consider when deciding on how much to insure your property for. This amount should increase annually as building costs increase annually. Our insurance agents are capable of finding the dollar amount right for you.
- Loss of Income — Keeping in line with Business Property Coverage, Loss of Income coverage is also an important coverage to consider. Imagine if your business suffered a fire and your damaged units needed to be repaired. This process could take weeks if not months to complete and all the while your business would be with rental income. This limit should be at an amount equal to cover all of the potential income that you could lose.
Insurance is something that should be reviewed frequently to insure that your business is properly covered. The self storage industry has special needs that may not be covered under a standard business owners policy. Contact Barr’s Insurance at 888-399-6368 to review your coverage today. Our knowledgeable staff is capable of creating an insurance package right for you.