Insights
Preservation Tips for Autographed Memorabilia
Preservation is a critical concern for collectors of autographed memorabilia. The longevity of these valuable items depends not just on the quality of the signature but also on how well the items are cared for over time. In a recent article published by Intelligent Collector, James Appleton, MiniCo’s Director of Program Sales, discusses key strategies to help ensure those prized possessions remain pristine – and retain their value – for years to come. Read on for...
The Art of Restoration with Specialty Insurance
When most collectors think of fine arts insurance, they may imagine disasters brought on by major events like fires, floods, and theft. However, the most common perils that threaten unique art collections are far more subtle: a poorly hung painting that falls to the ground or a simple scratch due to improper handling. Unlike the expectations with...
The Art of Security: Safeguarding High-Value Investments with Collectibles Insurance
In the world of fine art, collectibles insurance is where passion meets investment, which makes ensuring the safety of your client’s valued treasures a tricky business. The reason? Collectors want to know they are preserving not only the monetary value of their collectibles but also the items’ sentimental and historical significance. As a result,...
Navigating the Underinsurance Crisis for Small Businesses
Small businesses may not get the same level of media attention as larger Fortune 500 companies, but they’re quietly working away to bolster the economy, provide jobs to millions, and navigate the underinsurance crisis. Businesses with fewer than 50 employees account for 45% of all private sector jobs and keep roughly 56 million Americans...
Nine Tips for Keeping Employees Safe this Winter
While winter officially began on December 21, the onset of cold weather was felt in many areas of the United States much earlier. As we move into what are typically the coldest months of the year, businesses need to be mindful of the safety of their employees — particularly employees who spend some or much of their working day outside. On...
Safeguarding Commercial Properties: Tips to Prevent Winter Fires
Fires in commercial buildings can happen any time of year, but the risk can rise in winter. The colder months often bring increased usage of heating systems and electrical appliances as businesses work to make spaces more comfortable for employees and customers and to keep equipment and other business assets safe and operational. Winter weather...
Winter Preparedness is Key as Regulators Warn of Grid Disruptions
According to the North American Electric Reliability Corporation (NERC)’s 2023-2024 Winter Reliability Assessment, two-thirds of the United States and Canada may be in for a chilly winter season. The report concludes that during peak winter weather conditions, prolonged dips in temperatures will significantly disrupt the electric grid and...
Self-Storage Demand Holds Steady With Few Signs of Post-Boom Decline
Americans love our stuff — and we’re so reluctant to part with it that we’re willing to pay someone else to store it. Storage Cafe estimates that 38% of Americans have used or plan to rent space to store what they can’t (or don’t want to) keep in their homes. Over the past two years, there’s been a boom in the self-storage industry, driven...
Common Cyber Insurance Myths and Misconceptions
No matter what kind of business you’re in, the threat of cybercrime — and its associated costs — looms large. According to IBM Security, globally the average cost of a single breach reached an all-time high in 2023 ($4.45 million). In the U.S., that number is even higher, with an average cost of $9.48 million per breach, an increase of 0.4% from...
Navigating Middle-Market Pricing Hikes
Lately, middle-market businesses (those that typically pay premiums upward of $75K) are finding it difficult to secure reasonable commercial property and auto insurance. This is pushing many of them to pursue new insurance solutions for the coming year. What’s Driving Middle-Market Property and Auto Prices? In its Q2 2023 Property and...
Protecting Property Owners’ Associations: Understanding Directors & Officers Liability Coverage
Property owners’ associations (POAs), such as homeowners’ associations and condo owners’ associations, play a crucial role in maintaining community grounds, shared buildings, and other assets. However, leading and managing these associations comes with its fair share of responsibilities and potential risks. “The individuals who serve on...
Nonprofit Insurance for Giving Tuesday 2023 — And Beyond
The Significance of Giving Tuesday While most of us may be in the midst of planning our Thanksgiving menu or trying to get a jump-start on our holiday shopping list, nonprofits across the globe are gearing up for Giving Tuesday. Giving Tuesday — which falls on November 28th this year — marks a unique opportunity for nonprofit and social services...
Nonprofit Sector Growth Underscores Need for Specialized Insurance
The American nonprofit sector has grown an astounding 33% over the past 15 years — faster than any other segment in the economy. Although the private for-profit sector continues to employ the largest number of individuals across the country, the nonprofit sector holds the number two spot — ahead of federal, local, and state governments. In...
HNOA Insurance for Food and Cannabis Delivery
Many food and cannabis delivery service providers mistakenly believe their employees are fully covered on the road through commercial auto insurance or the employees’ personal auto policies — but that’s not the case. If a business hires drivers who use borrowed, rented, or personal vehicles for food or cannabis deliveries, they risk exposure to...
Ask Your Clients These Collectibles Insurance Questions
Collectibles represented a $458.2 billion market last year, with expectations to grow up to $462 billion in 2023. Whether someone collects sports jerseys, bourbon, jewelry, or specialty duck decoys, they want to know their investment is protected. While standard insurance policies can offer some protection, they weren’t designed with...
Behind Locked Doors: Unusual Finds in Self-Storage Units
Abandoned storage units have long held an aura of mystery and intrigue, captivating the public’s imagination through television shows like “Storage Wars” and “Auction Hunters.” And who could forget the scene in the classic horror film “Silence of the Lambs” where Clarice Starling, played by Jodie Foster, crawls into storage unit #31 in pursuit of...
Seven Cybersecurity Measures That Lower Insurance Premiums
There has been a staggering surge in cybercriminal activities over the past few years, with a global increase of 38% between 2021 and 2022. The financial repercussions of an attack can be crippling, with an average cost of a single data breach reaching $4.45 million. In an effort to cover their losses and keep up with demand, insurers have...
3 Things Claims Adjusters Want Your Clients to Know
The 2023 hurricane season has been punctuated by the damaging winds and rain of Tropical Storm Hilary in California as well as Hurricanes Idalia and Lee and Tropical Storm Ophelia on the Atlantic coastline. And it’s not over yet! Risk management can go a long way toward mitigating incidents of property damage or bodily injury at a commercial...
Wildfires and Other Secondary Perils Driving Insurance Costs
The devastating wildfires on Maui have shone a spotlight on an issue that’s being felt much more broadly than just in the Aloha State. Thanks to shifting weather patterns, there’s been a recent uptick in “secondary perils” — wildfires, major thunderstorms, and landslides — which is prompting private insurers to pull back or limit coverage,...
MiniCo Recognized as 5-Star Program Administrator by Insurance Business America
MiniCo has been chosen for this award for the third year in a row by voters within the insurance industry. MiniCo Insurance (MiniCo), a Jencap company, has been recognized for the third consecutive year as a 5-Star Program Administrator by Insurance Business America. Program administrators were nominated by insurance industry professionals and...
Understanding Animal Mortality Insurance: Protection for Livestock Owners
Animal death is an unfortunate, yet expected, reality in the world of livestock and animal management. All animals have an average lifespan, and livestock owners take that into account when considering their operational costs. However, accidental or unexpected deaths — those not caused by old age — can be devastating to a farm or ranch...
Floods and Electrical Safety
Over the past five years, all 50 states have experienced floods or flash floods, and, on average, more deaths occur due to flooding each year than any other weather-related hazard. Safety precautions during floods should include considerations for electrical safety. Guidance from the Electrical Safety Foundation International (ESFI) includes the...
Electrical Safety in Older Buildings
Workplace injuries and fatalities related to electricity totaled over 2,060 in 2019 according to the Electrical Safety Foundation International (ESFI). Last week, we discussed the organization's tips including overtaxed wiring prevention, extension cord safety, and ground-fault circuit interrupter usage. The EFSI has two additional tips regarding...
Electrical Safety Checklist
According to the Electrical Safety Foundation International (ESFI), there were 166 workplace fatalities and 1,900 non-fatal workplace injuries related to electricity in 2019. To increase electrical safety awareness and prevent electrical fires and electrocutions, the ESFI offers the following tips. Don't Overtax Wiring: Avoid overloading power...
Safety After a Tornado
Once a tornado has passed, it is important that you take steps to stay safe while navigating the debris and damage left behind. Here are some tips to keep in mind. Get Help Cover your mouth with a cloth to avoid breathing dust. If you are trapped, try to send a text, bang on a pipe or wall, or use a whistle to summon help. If you are not...
Surviving a Tornado
Do you and your self-storage employees know what to do if a tornado strikes? Here are tips to help survive during a tornado. Find Safe Shelter Evacuate employees and customers to the closest safe shelter. Take Additional Cover Shield your head and neck with your arms and surround yourself with items such as furniture, blankets, or mattresses....
Tornado Warnings
Forecasters are predicting an active tornado season, so it is important for self-storage businesses to be prepared. Tornadoes can destroy buildings, flip cars, and create hazardous flying debris, and they can happen anywhere at any time. If you are under a tornado warning, follow these important steps. Inside: Go to a safe room, basement, storm...
Hail Season and Your Roof
Hail storms can cause catastrophic damage to self-storage facilities and often result in repairs or replacement of the entire roof or the damaged portions of the roof. For property owners in areas prone to hail storms, this is an expected, if decidedly unwelcome, potential peril. Here are some recommendations to help protect your facility from...
Hail Season Preparation
The impact that catastrophic hail and wind events have had on property owners and the insurance industry would be difficult to overstate. The National Oceanic and Atmospheric Administration (NOAA) recorded 4,611 major hailstorms in 2020. Those storms affected more than 6.2 million properties in the U.S. resulting in losses of nearly $14.2 billion...
Vehicle Breakdowns in Winter Weather
It's cold, there's snow and ice on the roads, and your vehicle has left you stranded. What should you do next? Here are some tips to stay safe until help arrives: · Before departing, consider your route. If you're going to be traveling through an area with limited cell phone coverage, be sure to let someone know when and where you'll be driving....
Driving in Winter Weather
Before heading out on the roads during winter months, it's important to be prepared to drive safely for specific road and weather conditions. Here are some tips: · Prior to departing, clear snow and ice from your car including the windshield, windows, mirrors, lights, reflectors, hood, roof, and trunk. · Keep your headlights on while driving to...
Check the Forecast Before Driving in Winter
The U.S. Department of Transportation estimates nearly one in four weather-related vehicle crashes involve winter weather conditions. Checking the weather forecast before heading out on wintry roads is an important way to reduce risk. Here are some tips: · If the forecast calls for nasty winter weather, staying put may be the safest decision. ·...
Securing a Snow-Removal Company
Winter weather brings colder temperatures, which often mean snow and ice. At a self-storage facility, snow and ice can mean slippery walkways, wet floors, and roofs that need to be cleared of snow accumulation. Consider contracting with a reputable, insured, and licensed snow-removal company. These companies contract with businesses to remove...
Preparing Your Vehicle for Winter Driving
Winter weather can make driving hazardous. According to the U.S. Department of Transportation, nearly one in four weather-related vehicle crashes involve snow, slush, or icy roads. One important way to reduce risk when driving during winter weather is to prepare your vehicle in advance. Here are some tips: Assemble a winter survival kit and keep...
Minimize Holiday Stress with Customer Service
The holiday season is a joyful time, but it can also be stressful. The combination of holiday expenses and obligations, foul weather, cold and flu season, financial pressures, and end-of-the-year work deadlines can get the best of anyone at one time or another. Factor in the ongoing coronavirus pandemic, and this holiday season may be even more...
Reporting Claims
If your self-storage property has suffered damage due to a storm, fire, or other event, it is important to file an insurance claim quickly. It is equally important to provide complete information in your claim report. This will enable your insurance agent and insurance company to process your claim as quickly as possible. Claim reporting...
What is a Man-In-The-Middle Attack?
In order to protect your self-storage operation from cybercrime, it helps to understand the most common threats and tactics used by cybercriminals. This week's topic is man-in-the-middle attacks. What is a Man-In-The-Middle Attack? Also known as an eavesdropping or hijacking attack, a man-in-the-middle, or MITM, attack lets hackers secretly put...
What is Ransomware?
In order to protect your self-storage operation from cybercrime, it helps to understand the most common threats and tactics used by cybercriminals. This week's topic is ransomware. What is Ransomware? Ransomware is a type of malicious software designed to block access to a computer system or computer files until a sum of money is paid. It freezes...
What is Phishing?
In order to protect your self-storage operation from cybercrime, it helps to understand the most common threats and tactics used by cybercriminals. This week's topic is phishing. What is Phishing? Phishing is the preferred tool of cybercriminals, accounting for 93 percent of all breaches, which are...
What is Malware?
In order to protect your self-storage operation from cybercrime, it helps to understand the most common threats and tactics used by cybercriminals. This week's topic is malware. What is Malware? The word "malware" is a shortened version of the term “malicious software.” Malware works by infecting a computer to...
What is a Password Attack?
In order to protect your self-storage operation from cybercrime, it helps to understand the most common threats and tactics used by cybercriminals. This week's topic is password attacks. What is a Password Attack? A password attack often uses an automated system in which different password combinations are used to try to gain...
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