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The smart cover is not the way to go if you want drop protection. Personally, I don't worry too much over drop protection since I have no kids. I worry about scratch and ding protection, in case I ever want to sell a device. But you need to do what is best for you. There are many many cases for iPads, though.
You could use skins for ding/scratch protection, then get a sleeve to put both the keyboard and the mini in for when you travel. The sleeve would be your drop protection. Or you could get a carry case with handles.