In any industry, insurance should be at the top of your to-do list as you prepare to operate as a small business. Self-storage is just like any other small business and not immune to catastrophe. In the United States, approximately 75% of small businesses are under-insured and 40% of small businesses carry no insurance at all.


Business insurance is required by law in most states. Even if your state does not require it, it provides a layer of protection for you as a business owner in the event of an unforeseen issue arises. Business insurance protects you, it protects your employees, it protects customers and it provides credibility. A small business that is bonded and insured is more attractive to customers who want to know their belongings are protected. Especially in coastal states like Florida and Georgia, business insurance provides peace of mind in the event of common natural disasters like floods and hurricanes.


A standard policy will include coverage like property damage, personal injury, liability and natural disasters. Your policy should be specific to your location and the needs of your business.


There are some additional insurance coverage products you should consider on top of a standard policy.


  • Liability coverage for customer belongings is an additional item of coverage you should consider for your business. This type of coverage provides protection in the event that belongings or lost, damaged or stolen for various reasons. (Your customers should also have their own self-storage insurance policy to protect their belongings.) This extra coverage protects you as the business owner.
  • Cyber or data insurance protection. As self-storage moves consistently to a more contactless business, it’s imperative to protect your data against cyber attacks. In the event this happens, this coverage protects your business and extends to any secure information you carry from customers.
  • Disposed property. In the event of delinquent payments, many self-storage businesses dispose of personal belongings after a grace period. While this is common business practice and customers are made aware, it can still create issues if a customer returns to pay their bill and retrieve their items. Having an added layer of protection is a benefit to you as the business owner.


It is important to work with an insurance company to secure the amount of coverage you need for your business in the event of a lawsuit or catastrophe. Being prepared is the key to staying ahead of difficult situations in running a business.


At Weaver, we work hard to assist business owners with the various needs of entrepreneurship. Whether you’re just starting out or have an established portfolio of investments, we would love to partner with you. As the Argus Network Affiliate for the state of Florida (excluding the Panhandle) and Georgia, we want to help you find new properties and stay on top of your growing business needs. Call us today at 903-733-0039.