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....
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...
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...
Billion-dollar insurance losses have been on an upward trajectory for the past several decades in a trend that shows no signs of slowing down. The latest data from The National Oceanic and Atmospheric Administration (NOAA) indicates a dramatic increase in both the total number of billion-dollar events each year as well as the cost of insured...
Tornadoes are one of the most devastating weather events in terms of property damage and potential for injury and loss of life. While tornadoes can occur anywhere, the United States experiences the highest number of any country. As of mid-December 2021, there were over 1,000 confirmed tornadoes in the U.S. including 14 events that resulted in...
A self-storage lease agreement (or rental contract) is one of the most important elements of your self-storage operation's risk management program. It is the most critical document executed between the business and the tenant in terms of protecting the facility's interests. The lease agreement formally establishes the relationship between the...
Winter storm season can bring low temperatures, high snowfall, icy conditions, and the hazards that result from extreme winter weather to many areas across the country. As spring gets closer, warmer temperatures bring additional challenges for property owners. It's important for self-storage business owners to make a plan for spring inspections...
Self- storage facilities generally have a list of items in their rental contracts that are prohibited from being stored in rented units. Tenants are prohibited from storing flammable items, hazardous materials, and food, to name just a few. Most of these restrictions are due to the damage that they can cause, such as accidental fires or unwanted...
Accidents happen. No matter how careful you are, an online security breach can happen to anyone. According to a report by the Ponemon Institute, only 24% of breaches resulted from human error and 25% from a system glitch. Malicious attacks were responsible for 51% of breaches in 2019. Big Impact Data breaches can be costly events. The United...
All businesses are vulnerable to the risk of cyberattacks and data breaches, but many owners of small and medium-sized businesses (SMBs) underestimate the threat. In fact, SMBs are prime hacking targets precisely because they tend to downplay the risk and devote fewer resources to cybersecurity. The financial impact of cybercrime can be...
Winter Temperatures: Know Your Weather Risks In most areas of the country, winter means colder weather. Frigid temperatures, slippery ice, and frozen pipes aren’t the only things to worry about. Hail and wind can cause a lot of damage. Be sure you are aware of these cold weather risks and take steps to prepare for them. Cold weather Cold...
Billion-dollar hail events are on the rise. Data from the National Centers for Environmental Information (NCEI) reflect five such events in 2017 alone. Occurring over several days in March, May, and June, these hail events caused severe damage in 19 states with estimated losses totaling over $11 billion. The most costly single hail event of the...
Top agents typically ask themselves the same questions. How can I achieve more for my agency? How can I up my numbers from the previous year? If you find yourself asking these questions, you probably are the type of person who continually strives for the best. It’s a hard pedestal to reach. Here are a few ways to boost your performance to get you...
Hurricanes. Hail. Floods. Wildfire. To date, 2017 has been an active year for catastrophic events, and thousands of property owners have been left to deal with the destructive aftermath. Most self-storage business owners know that it is important to purchase insurance coverage to deal with property and liability exposures, but there is another...
The 2017 hurricane season has already experienced two catastrophic storms. Current insurance industry data indicates that losses from Hurricane Harvey's winds and storm surge in Texas could total over $2 billion. That figure does not include losses from the catastrophic flooding that resulted from the torrential rain that followed in the storm's...
How can you change up your work routine in order to get more tasks done during the day? If you have felt yourself slipping into distractions at the workplace, here are 4 ideas to help you have a productive, happy day at work. Use a site blocker Avoid the temptation of going on websites that are time sinks. Use a site blocker to block these...
Compensation packages are a critical component to the success of any business, and the pay-for-performance model is a popular option. In general, it can be an excellent tool for shaping the performance and behavior of self-storage facility managers. However, as with most things, there is also risk to be considered. Before implementing a...
Meeting with your employees a few times a year is a great way to catch up and make sure everyone is on the same page. It is equally important to be able to meet with everyone individually and help set up goals and objectives that can be used to measure their performance. You want to be like a coach supporting your employees’ professional growth....
One of the characteristics top businesses share is a culture that encourages managers to grow as leaders within the company and the community. Excellent managers are reflective of the overall leadership of the organization and their value of developing people. The reverse outcome resulting from a heavily micro-managed culture could be analogous...
For your insurance clients with valuable collections, burglary should be a real concern. One of the principle causes of loss is theft. In addition to the proper collectibles coverage, the insured should try to minimize the risk of loss due to burglary. Even though some points may seem obvious, many times the most basic measures are ignored. There...
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