Monthly Archives: January 2017

Mini Storage/Self Storage: Insurance Tip

One of the most overlooked coverage’s on self storage/mini storage companies insurance policies, is also one of the most crucial.

Customer Goods and Sale/Disposal Liability

This coverage is a must for self storage companies to have on their insurance policy. While most proper insurance packages will include this coverage, it is important to consider having higher limits as it may be a great return on your investment.

Recently, we were working with a client that felt they only needed $100K for both customer goods and sale/disposal coverage. We provided two proposals, $1m VS $100K, the difference was less than $100. That is 10X the coverage for only $100!

So, what does it cover?

Definitions courtesy of StorageFirst:
Customers’ goods legal liability coverage provides protection for an insured when they are legally liable (or alleged to have been liable) for damage to storage customers’ goods including property stored in the open.  For mobile self-storage operations, coverage extends to legal liability for customers’ goods off premises or in transit.  Defense costs are outside of the limit. No deductible applies to traditional self-storage accounts.  A $1,000 deductible applies to mobile self-storage and records/document storage operations.
Sale and disposal liability protects an insured for claims arising from negligent acts in connection with the lock-out, sale, removal or disposal of customers’ property. Typically, these claims occur when an insured sells the goods of a customer who is delinquent with regard to payment. The cost of defense is included. A $1,000 deductible per customer applies.

Ranch Insurance

Ranchers Insurance – What You Need To Know

When it comes to insurance needs, there is probably no single group more at risk than the California Rancher. When a ranch owner selects coverage, he is literally securing his livelihood, business, home and future. Being covered in the state of California carries certain legal responsibilities, that the insurance company can assist with. But it is more than that. The ranch provides food, shelter, income and stability. An unexpected event for the rancher can mean becoming homeless and put him out of business. It is absolutely necessary to make sure he has adequate coverage to allow him to survive and to put his ranch back in order.

Natural disasters

It is important to consider where your ranch is located. Are you in a flood zone or an area prone to wildfire? Of course, as with all insurance, you want to make sure your home, external structures and contents are covered. It is important to review your policy annually with your agent. People tend to buy insurance and forget it. Ranchers are busy and accumulate as they go, sometimes forgetting to call their agent about new equipment. It is critical that your coverage is ample to cover all your losses.

Livestock

Livestock coverage could be the single point where ranchers are most under covered. Livestock are living breathing creatures and as such they will wander. If your livestock wanders off the ranch and causes an accident, are you covered? What if the person in the automobile dies? The additional premium for livestock accidental death is minimal and the protection is extremely important.

There are additional policies available for your protection against the death of livestock. This can mean your own or livestock that you do not own, but are allowed to be on your property (and under your care). If there is a death due to malfunction, causing suffocation or temperature related issues, you should have coverage that pays for the replacement of your livestock.

Crops

Crop insurance is also an important consideration. The types of coverage available vary depending on the crops planted. This is another area where a good relationship with your agent is important. Making sure you have proper coverage in place before you have a crop issue will make your life much easier.

Vehicles

Ranchers have many types of vehicles that may be used on the ranch. Your truck or car as well as another vehicle used for your business needs to be insured. This is not the place to cut corners. Your ranch is only producing if you can work.

Workers

If you employ people to work on your ranch, whether they are farm hands or relatives, you should have workers’ compensation insurance. A law suit from an employee being hurt on the job could cost thousands of dollars.

Protecting your family, home, business and investments are the very reason you purchase insurance. Making sure you are properly covered is the reason you have an agent.