On March 31-April 1, MiniCo was pleased to host Steve Shoemaker of Steve Shoemaker Insurance, Inc., in Kennewick, Washington, and his wife, Kathy, during their trip to Las Vegas. As the winners of MiniCo’s annual contest, they attended the largest self-storage industry convention at the Paris Las Vegas Hotel and Casino. With over 2,000 attendees at this year’s event, the convention was an excellent resource for obtaining detailed information about the self-storage industry and learning about the opportunities for writing coverage for this market.
For many decades, the self-storage industry in the United States appeared virtually immune to economic change due in large part to the nature of the product. When the economy booms, Americans acquire more and need more room to store what won’t fit in their garages and sheds. During slower times, Americans tend to downsize and rely on self-storage to store their items during these transitions.
The economic challenges that began in 2007, however, made an impact on every commercial real estate sector to include self-storage. But while the industry did feel the negative effects of the Great Recession, self-storage rebounded more quickly and more robustly than other real estate sectors and continues its upward trajectory.
A recent Moody’s Investors Service announcement entitled “Moody’s: US Self-Storage Industry Continues to Grow” cited a new report that concludes that the self-storage industry is experiencing solid demand with increasing rents while the supply of new facilities remains limited.
The announcement cites several key factors contributing to the positive growth trend including short-term leases that permit quick response to changing market conditions, the diversity of the industry’s customer base, and the stabilizing influence of commercial customers that tend to lease spaces for longer than average.
As an independent insurance agent or broker, you have an opportunity to partner with self‑storage businesses to help ensure they have adequate insurance coverage as they continue to grow. Contact MiniCo’s Customer Care Department at firstname.lastname@example.org or 800-447-8383 for more information about the self-storage industry in your state.
Safety and loss control are important concepts for self-storage business owners. It seems simple, right? Facility owners and operators are responsible for providing a safe environment for employees, tenants and guests.
Lack of safety training and, perhaps more importantly, lack of safety awareness can result in costly claims against a self-storage business. As we have discussed in other articles, implementing a written safety and loss control policy along with an employee training program is a critical element of any operation’s risk management strategy. In addition to reducing potential claims, routine safety training supports the maintenance of a safe environment for tenants and mitigates the potential for incidents of employee injury.
With that in mind, MiniCo has embarked on an initiative to create a series of safety and loss control videos and other resources that can be utilized by self-storage owners, operators and managers. One of our key objectives is to create a valued on-demand learning platform to which owners and operators may direct employees for safety and loss control training on a regular basis to enhance safety awareness and understanding. Our overall goal will be to create a destination for owners and operators to utilize when seeking loss control and safety resources.
The first MiniCo Safety Shorts video entitled “Tenant Safety Checklist” is now available online at our website and YouTube channel. Each video created for the series will include a link to a quiz designed to reinforce the viewer’s retention of the subject matter.
Future videos in the series will address topics such as preventing slip-and-fall injuries, proper lifting techniques, ladder safety, lock-cutting safety and the safe use of equipment and machinery. MiniCo’s video series is intended to create awareness and enhance your facility safety education and training programs.
Do you have an idea for a safety topic that should be addressed in an upcoming MiniCo Safety Shorts video? Send your ideas and comments to me at email@example.com.
President and CEO
Gerry Corrigal and Rick Gabrielle of McElhoes & Duffy Insurance in Winnipeg, Manitoba, have been named as preferred brokers for the Canadian self-storage commercial insurance product offered by MiniCo’s subsidiary company MiniCo Insurance Agency of Canada.
Gerry and Rick will serve self-storage operations in Manitoba. They join MiniCo’s growing list of preferred brokers including Rob Clarke of Clarke Insurance Services, Inc., in Alberta, Dave Ebner of Johnston Meier Insurance Group in British Columbia, and Sean Bell of Canadian Insurance Brokers, Inc., in Ontario.
Although MiniCo has been including a Cosmetic Loss Limitation Endorsement for several months on risks in hail-prone areas, this endorsement will become more common with ISO’s introduction of the Businessowners Form BP 14 81 07 13 (LIMITATIONS ON COVERAGE FOR ROOF SURFACING) effective 07/01/13. The forms are designed for similar intent regarding not paying for cosmetic damage to the roof; however, the ISO form includes windstorm as a peril. The endorsement is basically designed to mitigate losses that are cosmetic in nature and do not impact the integrity of the roof as a barrier to entrance of the elements.
The MiniCo endorsement does generate a credit to locations where the endorsement is attached. This endorsement is currently filed for use in Arkansas, Colorado, Kansas, Missouri, Nebraska, Oklahoma and Texas.
- Includes coverage for cosmetic hail damage to roll-up doors, siding, downspouts, gutters, etc. Only cosmetic damage to metal roofing is excluded.
- Provides coverage for hail damage to metal roofing only when the damage results in the failure of the metal roof covering to perform its intended function of keeping out the elements.
This is an excellent solution for self-storage locations that are located in hail-prone areas and are having difficulty acquiring property coverage specifically because of the hail peril.
ISO also will be introducing Businessowners BP 14 04 07 13 endorsement (WINDSTORM OR HAIL LOSSES TO ROOF SURFACING-ACTUAL CASH VALUE LOSS SETTLEMENT) 07/01/13, which also will be utilized to mitigate windstorm or hail losses to roof surfacing.
Contact your MiniCo underwriter at 800-528-1056 for more information.
Steve Shoemaker of Steve Shoemaker Insurance, Inc., in Kennewick, Washington, was selected as the winner of MiniCo’s eleventh annual Las Vegas giveaway contest. He will attend the largest self-storage industry convention at the Paris Hotel in Las Vegas on March 31-April 1, 2014, as a guest of MiniCo Insurance Agency. The prize package also includes two round-trip airline tickets, two-night hotel accommodations, and $300.
Social media has become so prevalent that it is sometimes hard to remember when it wasn’t part of our daily lives. But it just takes a quick glimpse at the tenth-anniversary celebration going on at Facebook, a social media titan with 1.23 billion monthly active users, to realize that the rise of this wide-reaching, culture-changing phenomenon has taken place in just the last decade.
Creating a risk management checklist for a self-storage business can be a challenge. In an ongoing series of articles, MiniCo offers suggestions for various categories and items that may be included in a risk management checklist. The first category in the series is claims.
MiniCo President and CEO Mike Schofield will be a featured speaker at the upcoming Inside Self-Storage World Expo to be held March 31-April 1, 2014, in Las Vegas. The Expo is the largest annual trade show for the self-storage industry.
Mike’s presentation is entitled Social Media and Online Marketing: Avoiding Exposure and Mitigating Risk. He will discuss exposures that could result from the use of social media to promote a self-storage business and provide information to help self-storage owners and managers understand how to navigate potential pitfalls and manage the risks. The session will include information on establishing and implementing social media policies, the importance of ongoing employee training, advertising liability and potential messaging risks, insurance coverages, and risk management strategies.
MiniCo is seeing an increase in submissions for the commercial self-storage insurance product, but getting a quote can take as little as one business day. Even complex submissions may be quoted quickly as long as the information sent to the underwriters is complete and specific.
Forecasters are predicting a busy winter storm season this year, and the blizzard conditions that moved across much of the country in early January may be only the beginning. Facility maintenance is critical during the winter months to prevent costly property claims. It is equally important to incorporate slip-and-fall prevention into your facility maintenance plan.
MiniCo Insurance Agency has created a one-page contact information sheet to help agents quickly and efficiently locate the person they need to reach. Whether you are writing self-storage business, have a client interested in collectibles insurance, or need more information about insuring a local sports team or activity, all of MiniCo’s business lines and departments are represented on this convenient flyer.
We look forward to working with you!
The self-storage industry is experiencing a positive growth trend. Demand for storage space is increasing along with rents, and the rate of new facility development has begun to grow for the first time since the start of the recession.
MiniCo Insurance Agency has been selected by readers of Inside Self-Storage magazine as a 2013 Best of Business winner in the category of best commercial insurance for the second consecutive year. Inside Self-Storage is a national trade publication for the self-storage industry.
January is the time to start implementing the new year’s business plan and begin work on accomplishing the goals and objectives outlined therein. Creating a written business plan with your team gives your business a road map for the year ahead. As valuable as a written business plan is at the beginning of the year, it is equally important to meet with each of your employees to develop individual goals and objectives to be used in measuring their performance and to be a coach supporting their professional growth. Continue reading
Since 1973, we’ve been in the business of providing self storage insurance and speciality publications to the industry, so of course we keep on top of trends in self-storage! As it turns out, this is a great time to be in the self-storage business, as the most recent numbers from the Self Storage Association demonstrate.
It’s easy to think of independent insurance marketing as a ‘lone wolf’ sort of business. After all, everyone’s competing against everyone else for the same customers, right?
The new year is here, and that means two things in the insurance sales business: New Years resolutions and office parties. We can’t help you with the party, but we can certainly offer up five suggestions for sales-driving insurance resolutions!
If you’re a collector – whether it’s fine art, baseball cards, or anything in-between – protecting your collection is likely one of your top priorities, especially against financial loss. That’s where a collectibles insurance policy comes in. These specialty policies are specifically designed to protect your collection, and ensure that if anything happens to it, you’ll be reimbursed.
It’s that time of year again. As Q4 starts rolling on, it’s time to start thinking about new insurance strategies for 2014. So, here are our picks for the most important new ideas for small business marketing in the coming year!