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Key Agent Newsletter
February 2018

Did You Know...?

MiniCo Introduces Equipment Breakdown Insurance

.MiniCo Insurance Agency has introduced an equipment breakdown insurance program to provide monoline coverage for commercial properties to protect critical business equipment. The program is underwritten by MiniCo's carrier partner Liberty Mutual Insurance Company, which has been rated "A" (Excellent) by A.M. Best. Coverage is available nationwide, and no appointment is required to get a quote.

MiniCo's equipment breakdown program provides coverage through an admitted carrier to complement existing commercial property policies and specifically addresses exposures related to equipment breakdown. Eligible classes include habitational properties, healthcare, commercial real estate, food-related classes, schools and municipalities, manufacturing, hospitality, business services, general utilities, printing and publishing, and many others. Coverages include property damage, electronic circuitry impairment, business income, extra expense, spoilage, utility interruption, computer equipment, and data and media. This is a sampling of available coverages. Each risk will be underwritten individually, and coverages will be customized to meet the needs of each policyholder.

For more information, visit www.minico.com/equipment or contact Commercial Underwriting Team Leader Rob Novak at robert.novak@minico.com or 800-528-1056, ext. 3535.

Learn More 

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Tips to Get the Best Quote for Your Self-Storage Client

.When submitting an application for a self-storage risk to MiniCo Insurance Agency, keep in mind the following tips. Submitting a complete application can help your underwriter develop a premium proposal quickly and with the best possible pricing for your client.

Use the Online Portal — MiniCo’s online agent portal is the fastest and most efficient way to submit an application for a self-storage risk. If you need to use a traditional application, please be sure to download the latest version directly from MiniCo’s website.

Help the UnderwriterRemember that underwriters want to write the business, but they are required to justify their pricing. Be sure to include any information that could help in pricing the account. Don’t be afraid to mention negative information as this can aid in building trust with the underwriter.

Don’t GuessUnless you are fairly certain of an answer, don’t guess. Collect the required information prior to submitting the application.

Know the CoveragesBe aware of the coverages requested on the application as some can have a significant impact on the final premium.

• Attach Documentation Include photos, site diagrams, loss runs and any other documentation that can be useful in pricing the quote.

For more information about registering for the online agent portal or downloading an application, contact your MiniCo underwriter at 800-528-1056.

Get a Quote

Current Applications

 
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Employment Practices Liability Coverage for Self-Storage Risks

.Those who keep up with the news are likely aware of several recent high-profile cases involving claims of sexual harassment, discrimination, and wrongful termination made by employees against their employers. While many such lawsuits are filed against large corporations, no company is immune including self-storage operations. In today’s litigious environment, all employers would be wise to consider employment practices liability coverage to address exposures of this nature.

While this coverage addresses other employment-related offenses, the most common sources of employment practices complaints consist of the following:

• Sexual Harassment Unwelcome sexual advances, requests for sexual favors, or verbal contact or physical contact or behavior of a sexual nature that is implied or stated to be a condition of employment or that interferes with an individual’s work performance by creating a hostile, offensive, or intimidating environment.

• Discrimination Termination of an employment relationship, demotion, failure or refusal to hire or promote, differential payment of wages and/or benefits, or other employment actions motivated in whole or in part by the employee’s color, race, sex, national origin, sexual orientation or preference, age, religion, creed, disability status (as defined by the Americans with Disabilities Act), or pregnancy status.

• Wrongful Termination Termination of an employment relationship in a manner which is in violation of any law or in breach of any employment agreement.

Due to the complexity of this coverage, it is important for you, as the agent, to work with business owners to explain the critical nature of this coverage. Employment practices liability coverage may be incorporated into a package policy or issued as a stand-alone policy, and the number of employees in an organization is a common rating factor used to determine premium. To mitigate these exposures, documented annual employee training is imperative.

Be sure to consider the following key features when discussing coverage with your self-storage client:

Who is insured?
What are the limits of insurance?
Are claim expenses included in the limit?
Is there an extended reporting period in which to file a claim?
Is coverage included for prior acts?
Is the coverage written on a claims made or occurrence basis?

For more information about employment practices liability coverage, contact your MiniCo underwriter at 800-528-1056.
 

 
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On the Road with MiniCo: Self-Storage Industry Events

.Representatives from MiniCo Insurance Agency will be traveling to a number of self-storage industry events this spring. These shows provide a wealth of information for agents interested in writing self-storage risks. If your plans include attending any of these shows, we hope you will stop by the MiniCo booth.

MiniCo President and CEO Mike Schofield will be a featured speaker at the Inside Self-Storage World Expo on April 5th. His presentation is entitled Underwriting Secrets Revealed: Managing Your Self-Storage Insurance Costs. This informative session will reveal the underwriting secrets that can help self-storage business owners control these expenses by understanding the key elements of their risk management profile.

Convention Schedule


 
 

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10851 N. Black Canyon Highway, Suite 200, Phoenix, AZ 85029
California License # 0H04984

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