Tenant insurance is one of the oldest insurance products in the self-storage industry. Once viewed as a novelty, the product has evolved over the years, and perceptions have changed. Today most self-storage professionals acknowledge the value of offering contents insurance to tenants. But deciding on a tenant insurance partner is still an open question – one that only you can answer for your operation.
You may be offering a tenant insurance product at your facility already, and I hope you are. Offering your customers this type of coverage is one of the simplest and most effective methods of addressing a serious risk management exposure because it helps to insulate your business against the threat of insurance claims and lawsuits, which could end up costing you dearly in both time and money.
So whether you’re in the market for a change or shopping for a tenant insurance partner for the first time, you may discover that the various products available offer similar benefits in terms of coverage. The key differences often lie in the companies themselves. Some have decades of experience in the self-storage industry while others are relatively new to the market. Claims expertise is also an important element, and it’s well worth the effort to investigate a provider’s claims-handling reputation. But there is another important factor that needs to be evaluated: training.
Your tenant insurance partner should provide a full training program for your managers that encompasses far more than how to fill out forms and process applications. The training should address in depth the simple as well as challenging aspects of offering this product.
When customers come into the office to sign a lease, they generally are not expecting to encounter a discussion about insurance and may reject the policy out of hand. Your tenant insurance partner should provide the tools and information to help your managers do more than simply counter objections. The goal is to educate managers to act as counselors to the customers to help them understand the value and benefits of insuring their goods. In addition, overcoming manager bias against tenant insurance is a critical training element. Managers who don’t believe in the product won’t be effective in offering it.
The training your managers receive should help them feel fully comfortable and confident in offering tenant insurance. Once this has been achieved, both your customers and your operation will reap the benefits.
Effective training can make the difference between the success and failure of a tenant insurance program at a facility. Take the time to evaluate tenant insurance providers so you can choose a partner that is working to enhance your operation’s ability to achieve the highest level of success.