Insights

Rising Catastrophic Losses Underscore the Importance of Property Valuation

Rising Catastrophic Losses Underscore the Importance of Property Valuation

For the past several years, catastrophic insurance claims of all types have been occurring more frequently and with increasing severity. The Insurance Information Institute reported $92 billion of insured losses in the United States in 2021 as a result of natural catastrophes to include severe storms, wind, hail, wildfire, flood, and earthquake. Overall economic losses totaled an estimated $169 billion. Insured losses during the first half of 2022 totaled $19 billion...

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MiniCo Insurance Agency Named Best of Business in Self-Storage Commercial Insurance for Tenth Year

MiniCo Insurance Agency Announces Rebrand as a Jencap Company

MiniCo's new brand reflects its association with parent company Jencap Group, LLC (Jencap). Under the Jencap umbrella, MiniCo is now one of the largest program administrators in the United States. MiniCo Insurance Agency, a leading program administrator offering specialty programs for a variety of industries, today announced the company's...

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Spring Maintenance Tasks for Risk Management

Spring Maintenance Tasks for Risk Management

Winter storm season can bring low temperatures, high snowfall, icy conditions, and the hazards that result from extreme winter weather to many areas across the country. As spring gets closer, warmer temperatures bring additional challenges for property owners. It's important for self-storage business owners to make a plan for spring inspections...

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Customer Feedback is the Lifeline of the Insurance Agency

Customer Feedback is the Lifeline of the Insurance Agency

Customer service and customer feedback are two things that can make or break an insurance agency. Customer service is something you have direct control over. However, even seasoned insurance agents with the best customer service skills can’t control the customer feedback that is received. Turning customer feedback into positive reviews and...

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Is Cold Calling Dead?

Is Cold Calling Dead?

There are hundreds of different ways to communicate to a prospect today, more than at any other point in time. It seems like a new app or communication tool is introduced every day. Telephone calling has been a tried-and-true communication tool for marketers for many years, but is it still relevant today? With all these different forms of...

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Discover the Correct Type of Website for Your Agency

Discover the Correct Type of Website for Your Agency

A lot goes into building a website. Have you noticed how different types of companies have websites formatted in a specific way for their industry? This is because the most important reason for having a website is to convey important information to your audience quickly and with ease. Some businesses have a lot of services and products, which can...

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Why Your Clients Need Collectibles Insurance

Why Your Clients Need Collectibles Insurance

As long as items hold value, there will be insurance coverage to protect them, and there are many different types of insurance needs. It’s your responsibility as an agent to offer your clients appropriate coverage for their valuables. If any of your clients are collectors – and millions of people are – collectibles insurance is a great way to...

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Self-Storage Squatters │ Potential Signs to Look Out For

Self-Storage Squatters │ Potential Signs to Look Out For

Self- storage facilities generally have a list of items in their rental contracts that are prohibited from being stored in rented units. Tenants are prohibited from storing flammable items, hazardous materials, and food, to name just a few. Most of these restrictions are due to the damage that they can cause, such as accidental fires or unwanted...

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Cybersecurity and Cyberattack Facts

Cybersecurity and Cyberattack Facts

Accidents happen. No matter how careful you are, an online security breach can happen to anyone. According to a report by the Ponemon Institute, only 24% of breaches resulted from human error and 25% from a system glitch. Malicious attacks were responsible for 51% of breaches in 2019. Big Impact Data breaches can be costly events. The United...

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Cybercrime Trends for the Global Pandemic

Cybercrime Trends for the Global Pandemic

All businesses are vulnerable to the risk of cyberattacks and data breaches, but many owners of small and medium-sized businesses (SMBs) underestimate the threat. In fact, SMBs are prime hacking targets precisely because they tend to downplay the risk and devote fewer resources to cybersecurity. The financial impact of cybercrime can be...

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Protecting Sports Memorabilia

Protecting Sports Memorabilia

It seems like almost everyone has heard a story about someone's cherished collectible that either went missing or was destroyed. Maybe you or one of your insurance clients are the someone who experienced this loss. For serious collectors, it can be an emotional and often financial loss to discover that a treasured item has disappeared or has been...

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A Hardening Insurance Market Signals Changes for Business Owners

A Hardening Insurance Market Signals Changes for Business Owners

At the start of 2019, insurance industry analysts predicted market hardening, but the pace and severity of the changes is such that the impact being felt in the third quarter is much greater than was anticipated earlier in the year. The publication Business Insurance in June reported reinsurance rate increases of up to 30 percent, which is an...

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Get to Know Your Insurance:  Insuring Jewelry

Get to Know Your Insurance: Insuring Jewelry

Get to Know Your Insurance:  Insuring Jewelry Along with the excitement of the winter holidays and the New Year, lots of things could be changing in your clients' lives. Did a client get engaged? If an expensive ring or other precious jewelry came into a client's life, you should have a talk with them about protecting their newly acquired...

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Winter Temperatures: Know Your Weather Risks

Winter Temperatures: Know Your Weather Risks

 Winter Temperatures: Know Your Weather Risks In most areas of the country, winter means colder weather. Frigid temperatures, slippery ice, and frozen pipes aren’t the only things to worry about. Hail and wind can cause a lot of damage. Be sure you are aware of these cold weather risks and take steps to prepare for them. Cold weather Cold...

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Level up Your Agency!

Level up Your Agency!

Take Your Small Insurance Agency to the Next Level If your agency has been around for a while and you feel like numbers and leads are flat, consider making a few changes. People like companies that are exciting and engaging. Follow these tips to start getting out your message in new ways that can help attract and keep clients. Standing Out Stand...

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Back to the Roots: Classic Insurance Marketing Methods

Back to the Roots: Classic Insurance Marketing Methods

Old Marketing Tricks That Still Work Being fully immersed in the digital age, it can be easy to forget the basics of traditional marketing. Remember that some of the most effective ways to market don’t always have to be about email, SEO, and social media. Here are few traditional marketing methods that can freshen up your way of doing things....

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Floods and Electrical Safety

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...

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Floods and Electrical Safety

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...

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Electrical Safety Checklist

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...

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Safety After a Tornado

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...

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Surviving a Tornado

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....

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Tornado Warnings

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...

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Hail Season and Your Roof

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...

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Hail Season Preparation

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...

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Vehicle Breakdowns in Winter Weather

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....

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Driving in Winter Weather

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...

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Driving in Winter Weather

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. ·...

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Preparing Your Vehicle for Winter Driving

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...

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Preparing Your Vehicle for Winter Driving

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...

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Preparing Your Vehicle for Winter Driving

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...

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Preparing Your Vehicle for Winter Driving

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...

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Preparing Your Vehicle for Winter Driving

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...

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Preparing Your Vehicle for Winter Driving

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...

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Preparing Your Vehicle for Winter Driving

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...

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Preparing Your Vehicle for Winter Driving

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...

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Preparing Your Vehicle for Winter Driving

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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