Insights
Safe and Sustainable Growth Strategies for Food and Cannabis Delivery Operations
The burgeoning cannabis delivery industry, like the food industry, has seen exponential growth, driven by increasing legalization and consumer demand. Yet, as many delivery business owners know all too well, with growth comes the challenge of effectively scaling operations. Delivery issues—like delays, regulatory compliance missteps, or customer satisfaction issues—can impact the bottom line. While these challenges represent significant operational hurdles, with...
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...
Giddy Up Your Coverage: Insuring Bourbon Collections in Time for the Kentucky Derby
Bourbon has become a treasured prize for collectors around the world. But whether you enjoy sipping it neat or mixing it into classic cocktails, bourbon is singularly beloved and wholly American. Bourbon is the only spirit native to the United States and, in fact, is protected by a 1964 Congressional resolution that limits its production to...
Cyber Risks of Using Public Phone-Charging Stations
Your clients’ exposure to cybercrime doesn't end at the office door. Hackers have a variety of ways to access critical business information via phishing, ransomware, and malware. One of the latest trends in cyberattacks involves the use of public phone-charging stations. Although these charging stations are convenient and appear safe, they can...
How to Insure Antiques and Fine Collectibles
It’s a $42,000 mistake that happened recently at an art exhibit in Miami. The most famous balloon dog sculpture in the U.S. was accidentally knocked over by an attendee — and it shattered into pieces. Wait a minute..? Why didn’t they place that sculpture under protective Glass or something? Good point! But the bigger question is, “Who’s going to...
PEZ Outlaws, Beanie Babies, and the Need for Insurance
There’s a group of collectibles that deserves to be in its own category. And because the right name for it doesn’t exist yet, we came up with an acronym of our own. We’re calling this group the CCC — short for “collectible cash cows.” You may already know a bit about these high-value collectibles that have become internet sensations. For one,...
MiniCo Announces Sale of its Publishing Division to Storelocal
Phoenix, AZ (March 8, 2023) – MiniCo Insurance Agency LLC (MiniCo) announced today that it has finalized the sale of its Publishing Division, effective March 1, 2023, to Storelocal Media Corporation (Storelocal). “It’s very exciting,” said Travis Morrow, Storelocal’s CEO, “Mini-Storage Messenger is not about just a magazine–it’s what it...
Myths About Nonprofits: How to Protect These Organizations
There are about 2 million nonprofit organizations in the U.S. With their entrepreneurial spirit and mission-guided purposes, these nonprofits play a tremendous role in our society. Nonprofits champion humanitarian goals, advocate charitable causes, lead the forefront in scientific research, serve as guardians for the environment, and more. ...
The Future of Technology in Agribusiness
Understanding The Future of Technology in AgribusinessThe digital revolution is making great strides in the agriculture business, and for good reason. For one, digital technologies in agriculture have helped improve crop yields and fine-tune the food system from beginning to end. MiniCo’s VP of Underwriting, Nathan Garrett, has some great...
Insider Perspective: 2023 Trends to Watch in the Self-Storage Insurance Market
Insurance rates are rising, media is buzzing about a possible recession, and capital is becoming harder to find. We spoke with MiniCo VP of Underwriting and P&C Insurance expert, Josh Leykam, about how these factors are impacting commercial self-storage and what we can expect in the year ahead. Although no one can say for sure what 2023 will...
Can Homeowners Insurance Cover a Storage Unit? What You Should Know About Off-Site Storage
Comedian George Carlin famously said that all we need in life is “a place for our stuff.” More than 11 percent of Americans — nearly 15 million households at last count — turn to local self-storage facilities because they have more stuff than their closets and garages can hold. Renting a self-storage unit is a convenient solution for many of us....
International Ransomware Network Cripples over 1,500 Victims Before Being Dismantled
The U.S. Department of Justice last week announced the outcome of a multi-agency, multinational operation that dismantled an international ransomware network with thousands of targets. With a narrative worthy of a fictional espionage thriller, the news release dated January 26, 2023, described a months-long campaign of disruption waged against...
Top 7 Most Unusual Collections We’ve Insured
We’ve all heard stories about the Hollywood stars and athletes who take out insurance policies to cover specific body parts. World War II pinup model and actress Betty Grable was famous for having a $1 million insurance policy on her legs. More recently Proctor and Gamble insured the flowing locks of its shampoo spokesperson (and former...
When Winter Drops a Bomb: Understanding Bomb Cyclones
Winter Storm Elliott made headlines in December 2022 for its incredible ferocity and destructive power. Amid the reports, many of us first encountered the term “bomb cyclone.” While not a rare phenomenon, bomb cyclones don’t usually cause the level of damage that Elliott inflicted. Air travel during the 2022 holiday season produced moments...
Protecting Nonprofits and Their Volunteers
‘Tis the season for end-of-the-year charitable giving! As fundraising efforts ramp up and volunteers pitch in, make sure your nonprofit clients have the coverage they need. The last few weeks of the year are critical for charitable organizations when it comes to fundraising. The holiday message of giving to others combined with the...
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....
Self-Storage: Opportunity Behind the Rollup Doors
4 Reasons Why Insurance Agents Should Give Self-Storage Risks a Closer Look Self-storage is a superstar in the commercial real estate market. Over the past half-century, the industry has proven itself to be resilient to the vagaries of consumer trends, economic recession, and even global pandemic. As the industry continues to grow, so...
MiniCo Recognized as 5-Star Program Administrator by Insurance Business America
MiniCo has been chosen for this award for the second year in a row by voters within the insurance industry. MiniCo Insurance (MiniCo), a Jencap company, has been recognized for the second consecutive year as a 5-Star Program Administrator by Insurance Business America. Program administrators were nominated by insurance industry professionals...
How to Get Your Underwriter to Get Behind Your Risk
Communicating the story of your client’s risk profile can yield optimal coverage at the best rate. One of the most effective ways an agent can streamline the quoting process and get the best rate for a commercial client is by telling your underwriter a story. The story you craft probably won’t begin with “once upon a time,” but it may result in a...
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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