Insights
Covering the Bases: Protecting Club Sports with Participant Accident Insurance
Remember the thrill of stepping onto the field as a kid? Whether it was the crunch of cleats on grass or the squeak of sneakers on a gym floor, youth sports taught you about teamwork, competition, and resilience. But with every game came risks — bumps, bruises, and, sometimes, more serious injuries. Today, club sports are bigger than ever, but these organizations face heightened risks without the safety protocols often found in school programs. As an insurance agent,...
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...
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,...
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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