13 Nov 2019
Whether your business has suffered a claim in the past or is completely incident free, it is important to know what to do in the event a claim happens at your facility.
It's important to know what to do in the event a claim happens at your self storage facility.
DO understand the terms of your insurance policy and have a good working relationship with your insurance agent, including having their contact information readily available. Insurance policies are a type of contract in which there are promises made – the insured must pay a premium in exchange for the insurer (insurance company) to provide certain coverages.
DON’T try to settle a claim before reporting it to the insurance company. If a loss occurs at your facility, report the claim without delays to your insurance agent. Attempting to settle a claim outside of your policy could create a breach in contract, compromising your coverage and liability defense. This is the reason you have insurance in place.
Offer tenant insurance to all customers. There are precedent-setting court cases in which the self-storage owners were found not to be liable for damage to a customer’s goods because the facility had a tenant insurance program available.
The claims adjusting department will determine coverage. The truth is, insurance is not black and white, and it is nearly impossible to list all the circumstances that may cause a claim. It is the insurance company’s ultimate responsibility to determine if the loss is covered.
Implement a regular program of preventative maintenance.
