Don't Set It and Forget It: Why Annual Insurance Reviews Matter More Then Ever

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Don't Set It and Forget It: Why Annual Insurance Reviews Matter More Then Ever

Stay Protected. Stay Profitable. Stay Ahead.

When was the last time you reviewed your commercial insurance policy? If it’s been more than a year, it might be time for a check-up — not just for peace of mind, but for real cost savings and stronger protection.

The self-storage industry is in a constant state of evolution. New technologies, shifting market demands, facility upgrades, and expanded service offerings all contribute to a landscape that looks very different from just a few years ago. And yet, many owners and operators are still relying on insurance policies written for the business they used to be — not the one they are today.

Taking time each year to review your insurance coverage can reveal surprising gaps, unnecessary costs, and missed opportunities for better protection. Here’s why making it a regular habit just makes sense:

1. Coverage Should Grow with You
Have you recently renovated your property, added climate-controlled units, expanded your lot to accommodate RV and boat storage, or invested in new security features? These types of improvements often increase the replacement cost of your facility and introduce new liabilities — meaning your original coverage may no longer be adequate. An annual insurance review ensures your policy keeps pace with your business and continues to protect your most valuable assets.

2. Markets Shift. Rates Change. Are You Overpaying?
Insurance isn’t static. Premiums can fluctuate based on the broader market, your claims history, and even regional weather patterns. Total policy costs are driven not only by the carrier’s premium and fees, but also by the broker. Without a regular review, you could be paying too much or sticking with outdated terms. Comparing your current policy with updated options could help reduce the cost or increase value with better terms and broader protections — all without sacrificing quality.

3. Business Models Evolve
Self-storage businesses are offering more than just storage these days. From package acceptance services and tenant insurance to co-working spaces and retail sales, added services can change your risk profile. If your coverage hasn’t evolved with your offerings, you may be exposing your business to potential claims that aren’t covered. A policy review ensures that all aspects of your operation are protected — not just the storage units.

4. Risk Awareness is Key to Prevention
An insurance review isn’t just about paperwork — it’s also an opportunity to uncover risks you may not have noticed. From cyber liability due to connected security systems to environmental exposure or natural disaster preparedness, today's self-storage facilities face a wide range of potential threats. Identifying vulnerabilities early allows you to take preventative action before a claim occurs.
Shardlow’s advice underscores an important operational practice: a well-written lease is only effective if consistently applied across all locations and staff members. By equipping staff with clear, enforceable processes, operators can reduce liability and improve operational efficiency.

5. Peace of Mind, Delivered
Running a self-storage business is hard enough without having to worry about whether your insurance will respond when you need it. A policy review delivers the confidence that your coverage matches your current operations, financial exposure, and future growth. No surprises. No gaps. Just clarity and protection you can rely on.

Partner with SBOA Insurance Services for Smart Coverage

SBOA Insurance Services specializes in commercial insurance solutions tailored to the self-storage industry. We know your challenges — and we know how to build coverage that works for the real world, not just the paperwork.

We offer free, no-obligation policy reviews to help ensure your insurance is up to date, competitively priced, and fully aligned with your evolving needs.

📧 Connect with us today at sboainsurance@sboa.com
Let’s make sure your insurance is working as hard as you are

Written by:

Iris Czygan

President, The SBOA

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