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Additional Insurance Coverage For Storage Facility Customers

As the owner of a storage facility, you could have the belongings of hundreds of customers on your property at one time. Even though your commercial insurance will keep you protected from liability claims and damages done to your property, the items that people place in storage will not typically be covered by your policy. You can, however, offer insurance protection as an extended service to the people who choose to use your storage units for their items. Here are a few of the most common questions about additional insurance coverage options for self-storage customers. 

Can you require that your customers purchase insurance for their stored items?

This will be entirely up to you as the owner of your business. You can choose to make insurance coverage an integrated part of your services, but this might increase your rental prices. Most storage facility owners would rather make additional insurance coverage an option instead of mandatory so they can keep their advertised unit rental prices low. 

What is the best way to encourage your customers to purchase coverage for their belongings?

If you choose not to integrate coverage in storage rental contracts, you can easily sway customers to invest in this additional coverage option. Explaining that you are not responsible for damages to their property in the event of an unforeseen event at the facility, will help customers see the value in making sure their items are covered. You can also make it clear that the costs of insurance coverage will be billed with their regular rental fees and even offer them a discount for paying for rental and storage for extended periods. For example, you may have a bundled deal where customers can get a unit for six months and insurance for their belongings for a discounted rate if they pay in advance. 

Where can you obtain this type of commercial insurance for your customers?

In most cases, you can get an extension of your own commercial insurance policy that can be used as an optional insurance for your storage customers. If you do, each customer will become an extended policy holder under your plan. This makes the insurance more affordable for customers to obtain than it would be for them to find coverage on their own, and it may allow you discounts on your commercial business policy. 

By having insurance available to customers that will cover their belongings if something goes wrong, they will feel more comfortable with choosing your storage services. For more information, talk to a commercial insurance provider like Hale & Associates Inc with any questions you have.