The busy summer rental season is here, and self-storage operations will be focused on sales, marketing, and customer service. Without a doubt, these are important efforts for the success of any business. There is another area of equal importance that professional operators will embrace: Risk Management.
Incorporating risk management practices into operations is critical to the financial health of a self-storage business and requires the attention of upper management. The bottom line is that risk management is as important to the business as sales, and the failure to focus on risk management can impact the facility’s bottom line negatively.
Training Managers to Identify Risk
Training facility managers to make identifying potential hazards a daily priority and building a workplace culture that values risk management can go a long way toward reducing the risk of costly lawsuits, insurance claims, property damage, and reputational damage within the community. A consistently implemented risk management plan also may help to reduce commercial insurance rates by demonstrating the business owner’s commitment to reducing and preventing losses. Insurance underwriters will also appreciate the positive loss ratios that may result from these efforts.
MiniCo has a long-standing commitment to providing risk management information and resources for self-storage professionals. In 2006, we launched e-Risk Management, a quarterly newsletter designed to help self-storage owners, operators, and managers learn to identify and mitigate risk at their facilities. Recognizing that repetition is a key part of learning, MiniCo introduced the Risk Management Tip of the Week in 2017 to deliver risk management tips in a streamlined format. Recent topics have included electrical safety, tornado and hurricane preparedness, fire prevention, flood safety, responding to negative online reviews, and roof inspections.
The Tip of the Week has been enthusiastically received since its debut, and we receive many positive comments and emails about the value that this information provides for self-storage managers and owners. If your self-storage clients are not already receiving these weekly emails, we encourage you to add their email addresses to the subscription list for both e-Risk Management and Tip of the Week at www.minico.com/e-risk-management/tip. Both publications are free of advertising and designed to be informative and easy to read. Whether delivered to a facility email address or personal inbox, the risk management information and tips will help educate facility owners, operators, and managers to better protect their valuable business investment.
President and CEO