If you run a physical product business and use storage or warehouse facilities to keep and protect your inventory, then read on. You may need storage for several different reasons, including expansion, protection, separation form your main office or distribution purposes. Regardless of the reason, you will need to protect your business storage from any risk with insurance coverage.
When it comes to putting your valuable materials into storage, you often consider many things including the space you will need, the place where you want to store them items and the time duration. With so many things to focus on, many business owners forget to consider insurance coverage on their valuable stored materials.
Business owners must be thoroughly informed about what all their insurance policies cover. The coverages subject to policy conditions, limitations and exclusions may vary from place to place and type of businesses. All the industries ranging from automobile manufacturing, cold storage warehousing, machine shops, fertilizer manufacturers to cotton warehouses and electronic device manufacturers must safeguard their stored materials with the proper insurance coverage.
What Insurance Coverages Include for Your Business Storage
Insurance for your business combines property insurance, liability insurance, and other common coverages. The business property coverage includes insurance against physical damage to your business property ranging from storage units to your office buildings. Other business storage insurance coverages every business owner should know are:
• Customer Goods Legal Liability
Specifically designed for self-storage, this coverage is intended to help guard against issues that tenants face regarding their stored goods. If you own a facility and are renting, there are certain situations that can create legal liability on your part. If the tenant property is damaged and you are found legally liable, your customers goods legal liability insurance coverage will pay the claim.
• Pollution Liability Coverage
What if an uninsured pollution event occurred in your storage? You may have some recourse only if you have a well-prepared agreement. This coverage would cover the onsite cleanup, safeguard you from any legal liability for the pollution, and provide funds if your ongoing operations were interrupted.
Therefore, it is important to make sure you have insurance coverage on stored materials in your business storage condo. Moreover, it is equally important to buy the superior quality condo storage units from the reliable companies like Imperial Storage U Own. Contact us today for more information!