Insights
Compounding Disasters Cause Compounding Premiums
A megatsunami, flood, volcanic eruption, and earthquake hit Earth in rapid succession, causing worldwide destruction. While this scenario is the fictional plot of the film 2012, today you would be forgiven for assuming that it’s a current headline. A recent report from the National Academies sheds light on the growing threat of compounding disasters — scenarios where multiple natural events occur simultaneously or in quick succession, leading to more severe...
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...
Benefits of Working with a Program Administrator
While there’s no silver bullet when it comes to complex, specialty insurance placement, the skills of a Program Administrator come close. Program Administrators leverage their market expertise and industry credibility to guide their agency partners and clients through an insurance landscape fraught with rate increases, capacity restrictions, and...
What You Need to Know About Insuring Sports Memorabilia
The world of sports memorabilia is a treasure trove of history, unforgettable moments, and (in some cases) risky investments that paid off. From legendary game-worn jerseys to iconic trading cards, to championship souvenirs, and more, collectibles ignite a certain type of passion that transcends time. On top of the nostalgia and sentimental value...
How Weather Trends are Affecting Agribusiness
Although each season always has its surprises, shifting weather patterns in recent years have become far less predictable and much more extreme. As a result, the agricultural industry is now navigating an unprecedented swath of challenges. Throughout the United States, sweltering heat waves, raging fires, and winter storms have destroyed crops,...
Doing Business in Extreme Heat: Protecting Employees is the Top Priority
The summer of 2023 is already in the record books, and it’s only at the halfway point. An unprecedented heat wave has held the Northern Hemisphere in its grip for weeks, causing a spike in heat-related injuries and fatalities in many parts of the U.S., disrupting operations for businesses that rely on employees to work outdoors, and calling into...
The Financial Impact of Hailstorms
Nature has a way of reminding us of its immense power, often showcasing its strength through hailstorms and powerful winds. These events can leave us in awe at the raw power of nature, but the aftermath can be devastating, leaving behind a landscape marked by damage and uncertainty. In the midst of the chaos of a severe hailstorm,...
Emerging Challenges for Nonprofit and Social Services Organizations
In today’s ever-changing world, nonprofit and social services organizations play an invaluable role in addressing social, humanitarian, environmental, and other issues with the goal of improving the well-being of individuals and communities. Like any organization, nonprofits face challenges that may impede their ability to continue serving their...
Protect Businesses with Equipment Breakdown Insurance
In today’s fast-paced and technology-driven landscape, businesses rely heavily on a wide range of equipment and machinery to power their operations, streamline processes, drive productivity, and, of course, increase customer satisfaction. Yet, no matter how advanced or reliable a company’s equipment may be, equipment breakdowns can and do occur,...
MiniCo Insurance Agency Named Best of Business in Self-Storage Commercial Insurance for 12th Year
For the 12th consecutive year, MiniCo has claimed the top spot in self-storage commercial insurance. MiniCo Insurance Agency (MiniCo) has been selected by readers of Inside Self-Storage magazine as a Best of Business winner in the category of best commercial insurance for the twelfth consecutive year. MiniCo executive Mike Schofield commented,...
Insuring High-Value Collectibles
There’s investing in stocks, and there’s investing in collectibles. In the latter case, collectors represent a unique group of investors, and it may be precisely this reason why the world of collectibles is as unpredictable as it is adventurous. Some categories of collectibles represent million-dollar investments. Water damage, theft, and even...
King of Collectibles: What Insurance Agents Should Know
“We sell the most interesting things in the world from all categories — sports, entertainment, comics, rock and roll, movies — and we also deal with an incredible cross-section of celebrities, athletes, serious collectors as well as individuals who may find that one thing that’s going to change their life. Literally, within the first 60 seconds...
4 Specialized Insurance Coverages for Self-Storage Businesses
Within the commercial real estate market, the self-storage industry stands out from the crowd. With its seeming immunity to economic fluctuations, the self-storage sector rode out the Great Recession, a global pandemic, and supply-chain disruptions and is currently seeing an upswing in new construction and expansion. Industry newcomers need to be...
Protecting a Collection in the Event of a Hurricane
Billion-dollar weather events are on the rise. As an insurance agent, you are likely counseling clients to review and adjust coverage for their personal homes and commercial properties. But have you asked about their collections of artwork, signed sports memorabilia, Wine…or something else? For context, insured losses due to severe weather...
What Agents Should Know When Insuring Horse Boarding Facilities
There’s been a tremendous shift toward recreational horse ownership, so much so that this group represents a significant (and the fastest growing) portion of the horse industry. Accompanying this growth is an increasing need for horse boarding facilities that can provide quality equine custody and care. As the market grows, many owners of horse...
5 Ways to Mitigate Wind and Hail Damage Risks for Your Insureds
Insurance claims for small businesses occur frequently enough; in 2020 alone, 3 out of 4 businesses experienced an event that could have resulted in an insurance claim. With that statistic in mind, it begs the question: “What are the most common claims for businesses?” Recent data indicates that claims resulting from natural disasters rank second...
Cyber security: how to guide your insureds through a data breach
How to Guide Your Insureds Through a Data Breach Whether through sophisticated malware, phishing schemes, or an unsecured website that leads to data leaks, cyber attacks occur frequently enough to warrant due diligence. Cyber attacks affect businesses of every size — from a mom-and-pop shop that takes digital payments to large enterprises that...
Top 5 Cybersecurity Threats
Self-storage facilities can be prime targets for cybercriminals who can use customer information to rob bank accounts via wire transfers, steal customers’ personal identity information, and commit other fraudulent activities. In general, many small businesses are vulnerable to data breaches for three key reasons: · They don’t believe they...
Flood Hazards
In the aftermath of a flood, there are a number of hazards that you may encounter. The Occupational Safety and Health Administration (OSHA) identifies the following hazards associated with floods.· Electrical hazardsTree and debris removalLifting injuriesMoldRodents, snakes, and insectsChemical and...
Flood Watch vs. Flood Warning
Which flood alert is more critical – a watch or a warning? It's important to know the differences in the warning system alerts and understand the appropriate action to take for each alert level. Flood Watch Meaning: Flooding is possible. Action: Monitor radio and television stations for more information. Flash Flood Watch Meaning: Flash flooding...
Flood Evacuation Planning
The growing frequency and severity of weather events such as wind, hail, and torrential rain can increase the risk of flooding. Before flood waters approach your self-storage facility, make sure to put an evacuation plan in place to ensure your personal safety and that of your employees and customers. A thorough evacuation plan should include:...
Safety After a Wildfire
The hazards associated with wildfires may persist even after the flames have been extinguished. Here are some tips for staying safe after a wildfire. · Monitor information from authorities as to when it is safe to return to an area and whether water is safe to drink. · Avoid hot ash, charred trees, and smoldering debris. · Wet down debris to...
Communicating With Tenants About Fire Prevention
September is National Preparedness Month, and creating a communications plan is a top priority when it comes to fire prevention at a self-storage facility. Regular communication to customers can go a long way toward mitigating the risk of fire on the property. Examples of tenant communication include the following: Signage: Post “no smoking”...
Creating a Defensible Space Against Wildfires
One of the most important and cost-effective steps you can take to mitigate the risk of wildfire damage at your self-storage operation is to create and maintain a defensible space around the facility. This is a zone in which vegetation, debris, and other combustible fuels have been cleared, minimized, or treated with the goal of slowing the...
First Aid for Heat-Related Illness
If you suspect that an employee or tenant is showing the symptoms of heat exhaustion or heat stroke, it is important to take action quickly. Time is of the essence in order to minimize the risk of serious injury or death. First aid actions for heat-related illness: Call a supervisor or co-worker for help. If no one is available, call 911.Have...
Happy National Safety Month!
June is National Safety Month, and the National Safety Council (NSC) is marking the occasion by focusing on workplace safety education and awareness. The most recent data from the Bureau of Labor Statistics is from 2020, and the NSC's analysis of the numbers indicates that workplace injuries are on the rise. In 2020, nonfatal injuries that...
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 HelpCover 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...
Electrical Safety and Hurricanes
The Atlantic hurricane season runs from June to November, and severe storms can strike across the country at any time. The storm preparation checklist for your self-storage facility should include electrical safety considerations. The Electrical Safety Foundation International (ESFI) offers recommendations for before, during, and after a...
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...
Pre-Wildfire Planning
The Department of Homeland Security's website www.Ready.gov, recommends the following steps to prepare for wildfires. Stay Informed Sign up for your community's warning system.Monitor alerts from the Emergency Alert System (EAS) and National Oceanic and Atmospheric Administration (NOAA) Weather Radio.Know your community's evacuation plan. Make a...
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