Severe weather events can happen at any time of year. Businesses need to be ready for this very real threat, and business income coverage can provide a layer of essential protection.
Tornado season begins early in the spring and continues to affect many parts of the country through the summer months. Hurricane season begins in the summer and continues into the fall. Businesses need to be ready for the very real threat that severe weather and natural disasters pose. In fact, the U.S. Small Business Administration estimates that 90 percent of businesses fail within two years following a disaster.
Business Income Coverage Is Essential
Would your clients’ businesses survive an interruption? In the case of natural disasters, the Federal Emergency Management Agency (FEMA) estimates that 40 percent do not reopen. Of those that do reopen, as many as a quarter will fail within one year.
Many business owners naturally have the idea that large-scale disasters, like earthquakes and hurricanes, are responsible for catastrophic business failures. In reality, even-small scale events can pose a serious threat to continued operations.
Business income insurance (also known as business interruption insurance) covers the policyholder for the expenses and loss of income following a suspension of operations.
MiniCo Provides Extended Business Income Coverage
MiniCo has over 40 years of experience writing self-storage risks. We’re uniquely able to understand the challenges of this coverage. Business income insurance is complex. It is frequently misunderstood and often undersold. Yet many times it is the difference between business continuation and failure.
Our self-storage specialty insurance offers extended business income coverage with the option to extend coverage for actual loss incurred from 15 months (included) to 18 or 24 months. We at MiniCo invite you to learn more about how you can offer this vital coverage to your clients. Contact a MiniCo representative at 800-447-8383 or email@example.com.
Let’s talk about the marketing avenues you have taken in your insurance business so far. We have covered social media marketing, other ideas to create and promote your insurance brand and ways to treat current and future clients. Have you thought about building an alliance? If you are a new insurance agent or an agent who wants to improve your agency’s marketing reach this is a must read!
Business to Business
What is a business alliance? A business alliance is an agreement between businesses, usually to motivate and improve service for the customer. For example, if you are an insurance agent who sells self-storage insurance, you may want to connect with all your local self-storage facilities and speak with the owners. Below are a few ideas to help you get started on your own business alliance.
Ways to Form an Alliance
~ Select a proper partnership for your intended goals. If you are going to build a business relationship with someone, make sure you are both on the same page. An alliance will not work if they are not working with you or do not understand the main goal.
~ Share the right information. One major issue businesses face is follow-through; if your partner does not have all the information they need to accomplish the common goal, how can they be expected to follow-through. Did the partner do what they said they would?
Who will you connect with first?
MiniCo Insurance Agency
MiniCo President and CEO Mike Schofield will be a featured speaker at the upcoming Inside Self-Storage World Expo to be held April 7-8, 2015, in Las Vegas. The expo is the largest annual trade show for the self-storage industry.
Cyber-Liability Exposures for Self-Storage Operators
Mike’s presentation is entitled Cyber-Liability Exposures for Self-Storage Operators: Understanding Your Online Risks. While websites, social media, property-management software and electronic databases help streamline self-storage business efficiencies, these technologies are also subject to privacy and data breaches that could result in reputational damage, loss of sales, costly claims or other legal issues.
The session will include information about the basics of cyber-liability exposures, why there’s a growing need for cyber-liability insurance coverage, the differences between third- and first-party liability coverages, how to obtain cyber-liability insurance, and coverage sublimits and the requirements for filing a claim.
As an insurance agent, marketing is a top priority for your agency. Blogging can be a great tool to market your business. Now you need to come up with ways to make yourself stand out from the rest! Have you thought about blogging? Would you know what to write about? We want to help you come up with some creative ideas to help you create content you can use for your site.
Let’s Get Creative
First, let’s think about what your readers would like to see, what would they want to know and how you can teach them while keep them interested. Below are a few great topics to start off with.
Insurance Blogging Topics
- Why I love being an insurance agent – Write a blog about why you decided to become an agent and what are the best parts about what you do.
- My agency’s values – Your clients want to know about your agency’s values and see that you stand by them. If you don’t have a values statement, this is your opportunity to create one.
- What I am doing to make a difference in my community? – Create a blog about the steps you are taking to get involved in local charities or organizations to make a difference in your community.
- I am motivated by… – Write a blog that describes how you motivate yourself to create new business and keep your existing clients happy.
- The importance of self-storage renter’s insurance – Some of your clients may rent storage units that you don’t know about. This is a great opportunity to let them know the importance of purchasing coverage to insure their stored items.
Post a link below of your next insurance blog to share with us!
MiniCo Insurance Agency
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3 Marketing Tactics You Can Start Using Today
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When you think about marketing and social media, does Instagram come to mind? Instagram, also known as IG, is a great way to connect with your clients while gaining new ones. Did you know there are 130 million active users on IG every month and that 1 billion photos are liked every day! IG can be used as a visual story about your brand or the services you provide. Continue reading
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Social Media Benefits and Risks