- Why should I write self-storage risks?
Adding self-storage risks to your portfolio is an excellent way to build your commercial customer base. Over the last several years, the self-storage industry has continued to grow at an impressive rate. Consider these self-storage industry trends:
- Industry estimates in 2014 project that over 50,000 self-storage facilities are currently operating in the U.S.
- U.S. self-storage rental revenues were estimated at over $22 billion dollars in 2010.
- Population continues to grow in the U.S., increasing the potential customer base for self-storage businesses.
- As baby boomers, the most populous age-based demographic, reach retirement age, they will tend to move into smaller homes or condominiums thereby becoming prime customers for self-storage businesses.
- The self-storage industry is more recession-resistant than other property sectors.
- What are specialty coverages and why are they important?
Self-storage operations need solid business insurance coverage as well as specialty coverages to protect against the unique risks they face. The fact that many self-storage insureds are not aware that these specialty coverages exist or do not fully appreciate their importance is a key challenge for independent agents and brokers writing self-storage risks. MiniCo offers three critical specialty coverages including:
- Customer Goods Legal Liability – Covers tenants’ property losses caused by negligent acts of the self-storage operator. Many competitors do not provide this coverage.
- Sale & Disposal Liability – Provides coverage for negligent acts of a self-storage operator when disposing of a tenant’s property. This is another specialty coverage that competitors may not offer.
- Limited Pollutant Removal – Provides coverage for the cost to remove “pollutants” from or detoxify a storage space when required by a statutory authority. Coverage is afforded to all storage spaces at the covered facility, not just to units that are rented after the inception date of coverage.
- What resources does MiniCo offer for independent agents?
MiniCo is committed to continually enhancing ease of doing business for independent agents.
- MiniCo Prospect Program – You provide your agency name and ZIP code, and MiniCo will send you a list of self-storage business leads in your target geographic area.
- Co-Branded Marketing Flyer – MiniCo will create a customized co-branded marketing piece that you can use during prospecting activities.
- Online Forms – Download PDF versions of MiniCo’s insurance application as well as appointment paperwork and other forms you need to write business with MiniCo.
- Agent Portal – Get a real-time quote via MiniCo’s online submission portal.
- Webcast/Webinars – View free videos, webcasts and webinars on topics such as identifying quality self-storage risks, prospecting self-storage business owners, specific coverages, and more.
- Key Agent – MiniCo’s e-newsletter for independent insurance agents provides relevant information on coverages, risk management tips and self-storage industry trends.
- Agent Locator – MiniCo helps self-storage businesses find you via our agent locator.
- How do I get appointed to write business with MiniCo?
Complete our Agent Appointment Form and Producer Agreement Form. Once you’re appointed, you’ll receive an information packet containing detailed descriptions of MiniCo’s self-storage specialty coverages as well as a supply of materials to help market the program to your customers.
- How do I report agent or agency changes?
Complete an Agent and Agency Change Request Form if your agency has had an entity change, change of address, or change of employees. Complete an Agent of Record Authorization Information Form to change the agent of record.
- Do I need to be appointed to get a quote?
No, MiniCo can provide you a quote if you are not appointed with us. If you decide to bind coverage, you will need to be appointed to do so.