Is Your Self Storage Facility Prepared for the Next Disaster?
Setnor Byer Insurance & Risk
Self Storage, Disaster Planning, Hurricane Insurance
Preparation is the key to surviving a natural or human-caused disaster. Nevertheless, a survey by the Ad Council found that 62% of respondents did not have an emergency plan in place for their business. Since up to 40% of businesses affected by a natural or human-caused disaster never reopen, self storage facilities intent on surviving the next disaster must be prepared.
Natural or human-caused disasters can affect a self storage facility’s operations and finances by disrupting critical business functions and processes. During and after a disaster, a self storage facility may experience:
1) lost or delayed sales and income
2) increased expenses
3) customer dissatisfaction
4) repair and replacement costs.
To prevent or limit the damage from a disaster, the Federal Emergency Management Agency (FEMA) recommends developing a preparedness program using these five steps.
Program Management. An effective preparedness program requires leadership, commitment and financial support. Beyond any applicable laws or regulations that may establish minimum standards, each self storage facility must determine how much risk it can tolerate and take steps to minimize the likelihood of exceeding that risk.
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, Hurricane Insurance
, Self Storage