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Why do Self Storage business owners need insurance?

As a self storage business, you help your customers store unused items from their home in a secure and convenient location. But looking after your customers’ most prized possessions comes with a great deal of responsibility.

Some of the most prominent risks to your self storage business include buildings, fixtures and fittings damage, office contents and stock damage, theft of your customers’ possessions, business interruption, and overall legal liability for goods in your care, custody and control.

Why choose Aon for Self Storage insurance? 

When it comes to insurance for Self Storage businesses, there are a few options available to you, and deciding which ones you need might not be easy. Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage. Our team of friendly, experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why; helping give you confidence that you’re making a better decision for you and your business.

What Insurance do Self Storage business owners need?

Material Damage
Sometimes things happen that are simply beyond your control, for example wind lifts the roof of your facility, the drains back up in a storm, plus many other unfortunate possibilities. This can leave you with a big bill for clean-up costs and potentially reinstatement and replacement of your assets. 

The ‘Material Damage’ section of the Industrial Special Risks cover will provide protection for reinstatement and replacement in respect of buildings, fixtures and fittings, office contents and stock.1
Business Insurance
Business Insurance is designed to protect your business and its assets (including equipment) against certain unexpected events. For example it can include cover for damage to business premises and/or equipment caused by fire, storm, theft and other insured events.2

A key part of this policy is Business Interruption, which can provide protection for lost revenue in the event your business is unable to operate as usual due to an insured peril.

Business Insurance is made up of a number of cover sections, and you can choose the sections that relate to your business. Cover is also available for damage to money (if you keep cash on premises), portable contents such as mobile phones and laptops, and Public Liability.
Customer Goods Insurance
While the Standard Self Storage Agreement (SSSA) does provide protection from claims, it does not remove your liability entirely. Should there be an unfortunate incident at your facility, the burden of proof is on the customer to prove that it was the facility’s action or inaction that contributed to their loss.

Many of our self storage clients provide insurance options for their customers for their goods in storage, however, you need to ensure you are not breaching any Australian Financial Services Licence (AFSL) requirements by doing so. Aon can arrange a fully compliant solution which protects you.1
Public Liability
If your customers’ goods are stolen or damaged; if damage to your property impacts neighbouring properties; or if someone slips whilst visiting your facility; you could be held responsible.

This part of the policy can help finance your legal defence and pay damages, should they be awarded by the court or by a small claims tribunal.

Self Storage Business Owners insurance benefits through Aon

Public Liability Insurance
Aon arranges cover to be included for what is called “property in your care, custody and control,” providing a limited cover for damage to property belonging to your clients.1

Australian Insurers
The suite of insurance policies arranged by Aon (other than Cyber insurance) are fully insured by Australian insurance companies, meaning claims are handled and disputed locally.

Customers Goods Insurance
Aon enables self storage businesses to sell customers goods insurance under the Aon AFSL so the self storage business is not required to have their own license for selling a financial services product.

Dedicated Service Team
Aon are a trusted advisor to over 200 self storage clients and have a dedicated storage service team who know your industry and its risks inside out. We are constantly thinking outside of the box in terms of our solutions to our clients, so you can compete, win and be protected in an ever-changing world.

FAQs

Frequently Asked Questions
Here are answers to some commonly asked questions by self storage business owners.
When will I receive my certificate of currency?
When you purchase your insurance online you will receive your certificate of currency in minutes to your elected email address. If you purchase your insurance with one of our experienced brokers the time line may vary.2
How do I make a claim?
You will find details of how to make a claim in the policy wording you receive from us. However, we also appreciate that having to make a claim can be a stressful time which is why as your advocate we are always on hand to help with any questions. Please do not hesitate to call us on 02 9253 8350 during business hours.
What if I need to make a change to my policy?
It is important to keep your policy up to date with the changing shape of your business but also to keep your business and personal information up to date in the event of a claim.

Should your business circumstances change, for example you have moved into new premises or you have changed the services that you offer and you are not sure if your existing insurance covers it anymore then you can always call one of our experienced friendly brokers to discuss on 02 9253 8350​
Explore more FAQs
How do I renew my policy?
Your renewal offer will be sent to you via your elected email address approximately 30 days before your renewal date. It is important at this stage to review the details of our offer carefully (remember pricing and coverage levels may have changed so it is important to review). If you are happy with the offer and wish to accept, it is important that you pay for your renewal by the date specified on the tax invoice. Thank you for looking into renewing your policy through Aon. It is greatly valued that you are pleased with the level of service and coverage you receive.

What should I do if I have not received my certificate of currency or renewal offer/documents?
​Please accept our apologies. At Aon we strive to deliver best in class service, so we are sorry to hear you have not received your documents. Please contact us on 02 9253 8350 or selfstorage@aon.com and we will look to send your documents as soon as possible.

What are your opening hours?
​Our opening hours are 8.30am to 5.00pm Monday to Friday (AET, except public holidays). If you need to contact us out of hours you can email us at selfstorage@aon.com and we will pick up your query on the next business day.

Can I pay for my policy monthly?
​Yes you can, monthly payments can be arranged through a premium funding agreement with Hunter Premium Funding3 to help you spread the costs of your insurance across the year. Please note that the total overall cost is higher if you pay monthly. Contact us on 02 9253 8350 or by email on selfstorage@aon.com.

Contact


Call 02 9253 8350

8:30am - 5:00pm AET
Mon - Fri (except public holidays)
1Subject to the full terms, conditions and limits of the policy. Please review the full policy wording for more information. 

2We will process your certificate of currency request instantly but, depending on your internet speed and email server, it could take a few minutes to get to your inbox. 

3Hunter Premium Funding is a third party independent of Aon, however Aon will receive a commission if you pay for your policy through a premium funding agreement with them. 

In arranging the Broadform Liability Insurance Policy Aon has a binder agreement under which we are authorised to commit Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance (CGU) to providing cover without reference to them. In arranging the Aon Self Storage ISR Policy, Aon has a binder agreement under which we are authorised to commit QBE Insurance (Australia) Limited ABN 78 003 191 035 to providing cover without reference to them.  

If you purchase either of these insurances, Aon will receive a commission that is a percentage of the premium. Further information can be found in our FSG or provided upon request. When acting under a binder we will be acting under an authority given to Aon by the insurer and will be affecting the insurance contract as agent of the insurer and not as your agent. Our binder arrangements with the insurer are such that we remain your agent in the handling of any claim.