At some point, you may find that your business’s inventory or your personal property are too plentiful for your building or home. When this happens, it makes sense to search for off-site storage. However, this process must include due diligence and caution.
What Is Storage Insurance?
Storage insurance is a type of coverage available to both individuals and businesses. These policies can provide vital protection for your belongings while they are stored in a separate location.
Storage insurance is necessary if you regularly store equipment, inventory or other possessions off-site. The use of self-storage facilities and warehouses are common practices, but by moving your property elsewhere, you will no longer be in full control if its safety. Fortunately, storage insurance may be able to recoup losses or damages arising from:
- Weather damage
- Choosing a Storage Facility
When weighing your options regarding off-site storage, there are many factors to consider, including:
- Security—Facilities with certain security features, such as guards, fences and alarms may be more likely to keep your property safe.
- Cleanliness—Using storage with mold or pest infestation problems may lead to property damage.
- Insurance—Some storage facilities may offer their own insurance for your belongings, which could help you recoup losses.
Get the Right Coverage
Storing property away from your business or home comes with inherent risks. Just because your property is out of sight does not mean it should be out of mind. Minimize potential damages and losses by performing your due diligence and securing the right insurance coverage for your property. Contact Elite Insurance Group today to get started.