Equipment Breakdown Insurance for Self Storage Operations

Written by: Mike Schofield Posted: 2/7/2018
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In the course of daily operations at any self storage facility, a number of different types of equipment will be utilized. Electronic gates, keypads, lighting systems, security equipment, climate control systems, telephones and computers are just a few of the many types of technology that help businesses run efficiently.

With that in mind, it is important for self storage business owners to secure the appropriate insurance coverage to protect these vital systems. Equipment breakdown insurance specifically addresses damages caused by covered internal forces such as power surges, electrical shorts, mechanical breakdowns, motor burnout and others. The five categories of equipment typically covered under this type of policy are mechanical, electrical, computers and communications, air conditioners and refrigeration systems, and boilers and pressure equipment.

Working with an insurance agent is strongly advised to ensure that exposures are identified and addressed. While your business owner policy may include coverage for some equipment breakdown exposures, adding a stand-alone monoline equipment breakdown policy may be advisable to achieve a customized insurance solution with the appropriate coverages and limits to meet the needs of the individual self storage operation. Choosing a program that has been rated "A+" or "A" by A.M. Best is another important consideration.

About the Author

Mike Schofield is the president and CEO of Phoenix-based MiniCo Insurance Agency, a provider of specialty insurance products and publications for the self storage industry since 1974. MiniCo has partnered with London-based Lloyd’s to offer specialty property and deductible buy-back solutions for insuring the most challenging self storage properties. MiniCo Insurance Agency, LLC., is a member of the Aran Insurance Services Group. For more information, visit

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