Less Stress, More Money in Self storage, Part 10
January 2, 2012 § Leave a comment
With this post, we come to the end of my series on having less stress and making more money in self storage. Over the past weeks, diverse topics like plain language contracts, bailments, reaching out to your competitors and the like have been discussed.
My final topic is one that is both obvious and makes sense, as well as necessary to draw the “less stress” theme together. Simply put, be sure that you carry adequate insurance.
Less stress is what insurance is all about. You pay someone else to shift a risk from you to them. Of course, you have to pay for it, but you save the worry.
In many instances, insurance is required by your lender. These you already (hopefully) have. But what about other, optional coverages. Do you have directors and officers coverage to protect your Board? How about coverage in case your staff improperly auctions a customer’s goods? Coverage options for your tenant’s property in case of fire, etc? All are important to your business and will help reduce stress.
There are a number of insurance firms specializing in coverage for self storage operators. Reach out to them. See what they offer. Compare.
Having adequate and diverse insurance coverage will mean less stress and more money in self storage.