29 Sep 2025
The following article is reprinted with permission from Inside Self-Storage, the premier magazine of self-storage professionals. For information, visit www.insideselfstorage.com.
As senior editor of Inside Self-Storage (ISS), I've witnessed firsthand how proper risk management can make or break a facility. Over my years in this industry, I've interviewed operators and industry experts about this topic. I’ve edited scores of articles and blogs on insurance, legal issues, security and more. I’ve written plenty of news about accidents at storage properties (often perpetrated by people not even associated with the facility), natural disasters and fires started by arsonists, crime, tenants living in units, and so much more. Like any business, there’s great risk in owning and operating a self-storage facility.
Many might think risk management is a dry topic. Not going to lie, I sometimes do as well. A coworker once related it to eating your broccoli at dinner when you want to dig into the mashed potatoes and gravy. The truth is that’s it isn’t as fun to talk about as artificial intelligence and other tech, curb appeal, revenue management, or construction and development. At its most basic level, however, risk management is about:
Protecting the dream in which you've invested your life savings, not to mention your heart, sweat and tears!
Honoring the trust your self-storage tenants place in your business to safeguard their treasured possessions.
Ensuring your employees have a safe workplace and secure future. If your biz goes by-bye, so does their job!
Sleeping soundly at night knowing you've done everything possible to prepare yourself, your facility and your staff for whatever might come your way.
Through my years observing the self-storage industry, distinct patterns have emerged. The most critical risk-management failures consistently include:
The “it won't happen to me” syndrome. If your facility is in a state with frequent hurricanes or tornadoes, you’re likely prepared. But fires can happen anywhere. As can crime and the unexpected accident. Earlier this summer, ISS reported on a building at Whistle Stop Self Storage in Lowell, Michigan, that was struck by a small plane, which then caught fire. It wasn’t even the first time I’d written news about a plane crashing into a storage building! In February, a juvenile drive attempting to evade police at 2 a.m. slammed into a building at Balls Ferry Mini Storage in Anderson, California, setting eight self-storage units ablaze when the vehicle caught fire.
The reality is anything that can happen. Since you can’t bubble wrap your property from every possible risk, the smartest approach is developing a comprehensive risk-management strategy that balances protection with practicality.
Failing to pay attention to your insurance policy. Again, gotta eat the broccoli. If you haven’t poured over your current policy line by line, now’s the time. Boring? Yes. Necessary? You bet. Your self-storage business changes, which means your insurance needs must evolve as well.
In addition, you might be tempted to hack away at your policy to save money as premiums continue to rise. Before you do, talk to your agent to ensure you’re making the best choices. These seasoned professionals can help you find ways to save without leaving your self-storage business vulnerable.
Focusing on visible risks only. We all have the natural instinct to prioritize what we can see. More than likely, you pay attention to your property’s physical security—cameras, gates, locks and lighting—but you might be leaving digital vulnerabilities dangerously overlooked. This oversight creates a significant blind spot in your overall security strategy. Your self-storage facility manages a treasure trove of sensitive data: customer personal information, payment details, access records and financial transactions. This makes it an attractive target for cybercriminals, regardless of facility's size or location. It’s imperative to implement strong protocols to prevent an attack from outside sources or even from within your company. Because, yes, employees can pose significant security risks, whether intentionally or not.
The most resilient self-storage facilities don't just have risk-management policies, they foster a culture in which everyone—from the owner to the newest employee—thinks about prevention every day. They consider the damaged tree limb that could fall on a parked car. Or the unit door that sticks and could possibly injure a tenant. They manage the icy walkway during the winter so no one falls. They check their video feed for suspicious acts and walk the perimeter to examine the fencing for breaches. They approach each day with a proactive mindset that transforms risk management from a checklist into a fundamental operating principle.
Risk-management is becoming more complex every day. Climate change is increasing weather-related events, technology is creating new vulnerabilities, and customer expectations for facility safety and security continue to rise. Don’t make the three top mistakes I outlined above. Rather, be informed about your buisness risks and invest in comprehensive solutions. Recognizing that risk management isn't just about avoiding accidents and disasters (or that broccoli on your plate), it's about building resilience for your self-storage business for the long run.
Amy Campbell is senior editor of Inside Self-Storage. To reach her, email amy.campbell@informa.com.
