PHOENIX, AZ--(Marketwired - Oct 26, 2016) - Portable storage operators, no matter how small, can now offer customers affordable contents and damage waiver insurance coverage through the new company Storage Protectors, which launched earlier this month.
The service provided by Storage Protectors comes at no cost to operators, who actually can increase revenues dramatically through an administration fee and boost the value of their business if they decided to sell it.
"Storage Protectors takes on all the costs of program implementation, infrastructure and overhead, so the process is pain-free for operators," said James Grant, founder and president of the company. "We even handle customer service, so the facility doesn't have to deal with claims or complaints."
The AM Best, "A" Rated Storage Protectors' Policy is underwritten by Lloyd's of London, and is issued and administered through Alliant Insurance Services, INC. (CA License NO. 0C36861) and insures personal or business contents within mobile storage containers, mobile offices, trailers and vehicles, as well as the storage container itself. It protects operators from liability for customer losses, theft or damage, whether the container is at the storage facility, a private home, a commercial business location or in transit.
The insurance by Storage Protectors starts at only $12 a month for $2,000 worth of coverage, with 50 percent of the sales price being retained by the facility as an administration fee.
"Availability of adequate and affordable insurance coverage for portable storage has been a problem in our industry for a long time," said Grant, who worked for major operators Mobile Mini and Mobile Storage for several years, as well as owning and operating four of his own facilities. "Only the large operators such as PODS and PACK RAT or those affiliated with traditional self-storage facilities had the resources to offer insurance specifically for a tenant's property and the containers. These services now give the smaller operator the tools to compete with the larger companies while adding additional cash flow and valuation to their companies without any out of pocket expenses."
According to Grant, a standard homeowners or renter's insurance may provide some protection but depending on the policy, coverage may be limited or exclude certain items -- and come with a high deductible. Any storage claims also could raise rates or even result in the cancellation of a homeowner's policy, he added.
"Our insurance has a low $100 deductible for coverage up to $10,000 and the customer selects the maximum coverage amount," Grant said. "In the short time we have been open, we already have sold more than 10,000 policies, and have tens of thousands more -- including a nationally recognized company -- reviewing the program."
There are approximately 1,800 mobile storage operators in the United States, ranging from small independently run organizations with just a few facilities to major companies with more than 100 locations, according to the National Portable Storage Association. This industry differs from traditional self-storage operators in that firms in the industry provide customers with storage units delivered to their location.
About Storage Protectors
Storage Protectors provides contents insurance and damage waiver coverage underwritten by Lloyd's of London to mobile storage container customers in the United States, Canada, United Kingdom, Australia and New Zealand. This insurance coverage is available only through authorized mobile storage companies. For more information on how companies can start offering insurance to customers, please visit http://www.storageprotectors.com.