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MiniCo, Inc. Key program classification: self-storage facilities With over 34 years of experience serving the unique needs of the industry, MiniCo, Inc., says it has self-storage businesses covered. Today, MiniCo states that the company offers the nation’s largest self-storage specialty insurance program and remains the leading program administrator dedicated solely to the self-storage industry. “Self-storage businesses face unique risks, and MiniCo has unmatched experience in understanding and writing these risks,” says Mike Schofield, president of MiniCo Insurance. The company writes nationwide utilizing a businessowners policy (BOP) with specialty coverages designed specifically for the self-storage operator including sale and disposal liability, customers goods legal liability, and several other coverages. Primary distribution is conducted through independent insurance agents. MiniCo also offers tenant insurance programs (contents coverage). For the past 12 years, MiniCo’s insurance programs have been underwritten by Safeco, an A.M. Best “A” rated company. When MiniCo entered business in 1974, the self-storage industry was comprised of just a few hundred facilities countrywide. Current surveys estimate that more than 59,000 facilities operate in the United States today. The self-storage business has matured into a profitable real estate sector; however, the majority of self-storage facilities are still individually owned and operated. “The key thing that insurance agents need to know about self-storage is that there is a lot of opportunity to write this class of business,” Schofield says. The potential benefits for agents writing this market are significant. MiniCo’s average annual commercial premium is in excess of $6,000 with a minimum annual premium of $750. Schofield is justifiably proud of the company’s proven ability to match performance with its reputation. “In this soft market, MiniCo continues to experience exceptional metrics in the areas of retention and quote-to-issue ratio,” says Schofield. “That definitely benefits those agents focused on building a book of self-storage clients.” MiniCo is dedicated to making it easy for independent agents to do business with the company. Underwriting, rating and policy issuance are handled by MiniCo, and the in-house claims department performs claims adjusting and processing. MiniCo joined the Target Markets Program Administrators Association (TMPAA) in 2006 in order to network with other program administrators and to incorporate Target Programs into its overall marketing initiatives. Agents that utilize Target Programs’ Web site to access specialized programs will locate MiniCo Insurance by completing a program search for “self-storage commercial insurance.” Keeping in close contact with the self-storage industry is another of MiniCo’s top priorities. The company supports numerous state-level self-storage associations and actively participates in events at state and national levels. In addition, the company publishes e-Risk Management, a quarterly electronic newsletter for self-storage owners, operators and managers. MiniCo also publishes Mini-Storage Messenger, the leading monthly publication covering the global self-storage industry. In addition, MiniCo publishes many other highly respected industry journals. “Over the past three decades,” Schofield reports, “MiniCo has grown during the most pivotal periods of expansion within the self-storage industry and, like the industry itself, is still going strong. MiniCo’s combination of insurance experience, self-storage industry experience, customer service commitment, and dedication to communicating with its target market have helped the company achieve and maintain its unchallenged reputation as America’s self-storage insurance experts.” Agents can learn more about this growing industry by visiting www.minicoinsurance.com, or contacting the company’s Customer Care Department at (800) 447-8383 or customercare@minico.com. *
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