Insights
Questions to Ask Self-Storage Operators During Annual Insurance Reviews
Annual insurance reviews are more important than ever for self-storage operators. With turbulence in the property insurance market and new exposures emerging, agents need to ask the right questions to uncover risks, negotiate favorable terms with underwriters, and fully protect their clients’ operations. Why Are Annual Insurance Reviews Critical for Self-Storage Operators? The property insurance market is entering a period of heightened scrutiny. According to the Swiss...
Aggressive Predictions: Weathering the 2024 Hurricane Season
The Tropical Weather and Climate Research department at Colorado State University (CSU) is one of the world’s most respected climate research teams. Beginning each April, the team issues periodic tropical meteorology forecasts that have become must-reads for anyone interested in Atlantic hurricane activity. While the April 2024 forecast was...
What HNOA Insurance Covers That Traditional Auto Does Not
Finding out you’re on the hook for huge financial damages — and that your insurance policy won’t cover it — is every business’s worst nightmare. Just ask Metallica (yes, the band!) about the dangers of not knowing exactly what your policy covers – and what it excludes. Thanks to a pandemic-related debacle, the band sought to recoup millions of...
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...
Safe Delivery, Safer Business: Mitigating Risks in Food and Cannabis Delivery
Mitigating risks in food and cannabis delivery is not just about adhering to legal standards; it’s about safeguarding the business, its customers, and the broader community from unforeseen disasters. By understanding and addressing the unique challenges food and cannabis delivery drivers face, businesses can proactively ensure the safety of their...
Hidden Hazards: Identifying and Insuring Common Self-Storage Property Exposures
Self-storage facilities may look like typical brick-and-mortar business operations from the outside — but, when it comes to insurance coverage, they’re not. The truth is, with their distinct property exposures, self-storage facilities require a different approach to insurance coverage, one that accounts for their specific vulnerabilities. ...
How to Navigate Slip, Fall, and Injury Risks for Self-Storage Facilities
Self-storage facilities, sometimes perceived as low-risk environments, can unexpectedly become targets for liability issues, particularly in the category of slip, fall, and bodily injury claims. Picture this: An excited college student, arms full of boxes, takes a serious fall while walking down an interior hallway to their rented unit due to a...
Meeting the Growing Need for Expert Self-Storage Insurance
The self-storage industry has grown rapidly in the past several years, reaching an estimated market value of $44.37 billion, outpacing many other notable companies like Aflac, General Mills, Humana, and even 7-Eleven. The reason? People love their stuff — and they don’t want to part ways with it. According to Josh Leykam, MiniCo Vice...
Decoding Specialty BOPs: Tailored Insurance to Mitigate Self-Storage Risks
Most business owners understand the importance of having the right general liability (GL) insurance. What they may not know is that their GL policy isn’t all-inclusive and doesn’t provide protection for losses associated with business personal property as well as other critical coverages. A business owner’s policy (BOP) is an effective option for...
Collection Preservation: The Collector’s Path to Peace of Mind
From rare artwork to wine to unique memorabilia, the world of collecting is both varied and ever-evolving, demanding a strategic approach to collection preservation. A collector’s worst fear is damage to or loss of a priceless, irreplaceable item or collection. For the savvy collector, implementing effective risk mitigation and preservation...
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...
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