Storage Industry Knowledge

Storage Glossary

Your complete guide to self-storage terminology. Whether you're new to storage or looking to understand industry terms, we've got you covered.

One of the most important distinctions in self-storage is between insurance and protection plans. Here's what you need to know:

Insurance

A regulated, legal insurance policy covering stored goods against perils such as theft, damage, or loss. Insurance requires payment of premiums and is subject to insurance laws. This is a formal policy underwritten by a licensed insurer, transferring your financial risk for loss or damage.

Protection Plans

Contractual agreements where the facility assumes limited responsibility for tenants' belongings, supported by underlying facility liability insurance. These plans are not regulated as insurance, are sold as part of the rental contract, and offer coverage with simplified claims. While connected to the facility's liability insurance, they are not insurance themselves but rather waivers modifying the rental agreement.

Access-Controlled

Security features that manage entry to the facility or units through gate codes, key cards, or biometric systems.

Access Gate

Main controlled entry point requiring authentication for tenant access.

Administration Fee

One-time fee charged at rental start for account setup and paperwork.

Archive Storage

Long-term, secure document or record storage.

Automated Collections

Software-driven rent reminders and payments collection.

Bagdock Marketplace

A unified platform allowing search, comparison, and booking of multiple storage categories and locations in one place.

Booking Confirmation

Notification confirming a unit reservation online or via marketplace.

Business Storage

Units rented by businesses for inventory, equipment, and documents.

Climate Control

Units with regulated temperature and humidity to protect sensitive items.

Container Storage

Use of shipping containers as storage units at facility or customer location.

Customer / Tenant

Person or organization renting storage space.

Digital Lease Management

Electronic creation, signing, and management of rental agreements.

Drive-Up Access

Vehicle access directly to unit door.

Embedded Insurance / Protection

Insurance coverage seamlessly bundled or offered during the booking/rental process, protecting tenants' belongings against loss or damage without separate setup hassles.

Facility / Storage Facility

Physical site comprising multiple rentable units with security and access control.

Facility Management Software (FMS)

Digital platform handling rentals, billing, tenant communication, and operations.

Hybrid Management

Combines remote automated systems with on-site personnel for optimal customer service and operational efficiency.

Indoor Storage

Units located within a building for enhanced protection.

Insurance / Tenant Insurance

A legally binding insurance policy providing protection against loss, theft, or damage to stored belongings. Requires policyholder premiums and is regulated by insurance authorities.

Leasing & Tenant Management

Managing rental agreements, tenant interactions, and operations via digital tools.

Long-Term Storage

Storage contracts longer than 12 months.

Marketplace & Customer Acquisition

Online platforms that facilitate discovery, comparison, and booking of storage units.

Mini Storage

Smaller units, suitable for personal or small business use.

Mobile Storage

Portable container delivery service for self-packing and storage.

Move-In/Move-Out Workflows

Automated or manual processes for starting and ending storage rentals.

Occupancy Rate

Percentage of rented units at a facility.

Operations Management

Oversight tools for daily facility functions and staff.

Pre-Built Checkout / Booking Portal

Conversion-optimized digital interface enabling quick bookings and payments.

Prohibited Goods

Items not permitted in storage due to safety or legal reasons.

Promotion & Discount Campaigns

Special offers aimed at driving new rentals or rewarding customers.

Protection / Tenant Protection Plan

In the self-storage industry, tenant protection plans are contractual agreements linked to the facility's liability insurance but are not insurance policies themselves. Instead, they modify the rental agreement to limit the facility's liability and offer tenants partial reimbursement for losses. These plans are not regulated as insurance, are generally sold as additional rent, and provide a simplified alternative to traditional insurance with defined coverage limits and terms. These plans function as waivers or amendments to the rental agreement, whereby the facility voluntarily assumes limited financial responsibility for losses or damages to tenant property under defined circumstances (such as fire, theft, or water damage). The facility's liability insurance underwrites this assumed risk, enabling the operator to reimburse or compensate tenants up to agreed limits for covered events. Unlike traditional insurance, tenant protection plans are not regulated as insurance products, are sold as part of the rental agreement (typically as an added monthly fee), do not shift the tenant's risk to a third-party insurer in the legal sense, often provide simplified claims processing with no deductibles, and include coverage limits defined by the facility with specific terms.

Rental Unit Sizes

Variety of unit dimensions suited to different storage needs.

Revenue Management

Software and strategies to optimize pricing and occupancy.

Self-Storage Unit

Individually rentable secure space.

Short-Term Storage

Contracts under 12 months, for temporary needs.

Tenant Portal & Account Management

Online access for tenants to manage leases, payments, and communication.

Unit Mapping & Real-Time Visualization

Digital representation of units allowing easier selection and management.

Value-Based Pricing

Pricing units according to features and demand.

Vehicle Storage

Specialized parking or indoor units for vehicles like cars and boats.

Workflow Automations

Software-driven task automation improving efficiency.

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