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Protect Your Business: Essential Commercial Flood Insurance Training

Stay informed on vital aspects of commercial flood insurance to safeguard your business. Insights and best practices shared by industry experts at the NFC 2010 workshop in San Diego. Learn about agent perspectives, FloodSmart resources, and effective communication strategies. Discover the importance of flood insurance for businesses, misconceptions, and available tools to help agents effectively sell commercial flood insurance. Gain insights into future plans and find out how to protect your business from unexpected disasters.

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Protect Your Business: Essential Commercial Flood Insurance Training

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  1. Commercial Flood Insurance How to Keep Your Business in Business NFC 2010 Workshop | Apr. 2010 | San Diego, CA

  2. Agenda AGENDA: • Introduction • Commercial insurance training • Agent Perspective • FloodSmart resources • Discussion Add note

  3. Introductions INTRODUCTIONS: • Moderator: Patty Latshaw • American Bankers Insurance Company of FL • Dorothy Martinez, CFM • NFIP Training (GeoLearning/H2OPartners, Inc.) • Denis Miller • Dennis A. Miller Insurance • Meg Bartow • FloodSmart

  4. Overview COMMERCIAL INSURANCE: A 3D perspective Commercial Insurance

  5. Main Point 1 TRAINING:What agents need to know • Protect Your Client, Protect Yourself • Find your comfort zone with flood • Offer flood coverage with every hazard policy! • E & O Exposure • Documentation • Don’t underestimate your relationship with your client Add note

  6. Main Point 2 TRAINING:What agents need to know • LOCATION, LOCATION, LOCATION • Flood Zone Determination • FIRMette Add note

  7. Main Point 3 TRAINING:What agents need to know • Definitions • Single Building • Additions and Extensions • Rigid exterior wall, • Solid load-bearing, • Interior wall, • Stairway, • Elevated walkway, • Or a roof. Add note

  8. Main Point 4 TRAINING: What agents need to know • Residential vs. Non-Residential • It’s ALL about occupancy • Residential with more than 5 or more units • Non-residential building or unit • RCBAP Add note

  9. Main Point 5 TRAINING: What agents need to know • Know your product • The Flood Insurance Manual is your friend • Limited Coverage • Loss of Profits • Loss of Use • Loss of Access Add note

  10. Main Point 6 TRAINING: What agents need to know • Other Considerations • Other Insurance: (Excess Flood) • How it responds • Preferred Risk Policy • Is there more opportunity in your book? Add note

  11. Main Point 7 TRAINING:What agents need to know • In the end--It’s about RECOVERY Add note

  12. AGENT PERSPECTIVE: Introductions Denis Miller, Dennis A. Miller Insurance Challenges Real-World Experience Best Practices 12

  13. Communicating Risk FLOODSMART: Communicating risk to businesses • Why commercial flood insurance? • FloodSmart efforts and findings • Future efforts • Feedback

  14. Communicating Risk FLOODSMART:Room to grow • Currently commercial policies account for only 5% of total NFIP policies in force.

  15. Communicating Risk FLOODSMART:Business owners have misconceptions too • The government will bail me out • Most businesses do not qualify for grants and if they do, grants can take so long to get that your business can close while you wait. • Agents only encourage flood insurance because adjustment is easier when multiple perils are covered. • Businesses can get small business loans with favorable interest rates through the SBA.

  16. Communicating Risk FLOODSMART:Businesses have more to lose • Business owners are supporting other families and could be a supplier for other small businesses, so coverage is extra important. • Risk rating from lenders is important for business owners, and not having flood insurance increases their risk level.

  17. Communicating Risk FLOODSMART:One-step flood risk profile • One-step tool on FloodSmart.gov lets businesses find their risk and find an agent all at once.

  18. Communicating Risk FLOODSMART: Flood testimonials from business owners • Real stories of how business owners experienced flooding makes the message more influential.

  19. Communicating Risk FLOODSMART: Information for businesses • FloodSmart.gov has targeted information for businesses: • Business property risk • What’s covered • Understanding the basics • Questions for your agent • Agent locator

  20. Communicating Risk FLOODSMART: Talking points for agents • Found on Agents.FloodSmart.gov, talking points guide agents through the questions prospective businesses may have.

  21. Communicating Risk FLOODSMART: PRP brochure • Promotes low-cost flood insurance for businesses. • Highlights non-residential building and contents policy premiums.

  22. Communicating Risk FLOODSMART: Direct mail to business owners • Drives home the message that floods are the #1 disaster and the financial consequences facing their business if/when it floods. • Mail volume 130,000 • Policies sold 1,927 • 1.45% conversion

  23. Communicating Risk FLOODSMART: Findings • Top performing markets for direct mail tended to be coastal: • New Orleans • Miami • Ft Myers • Corpus Christi • Biloxi • West Palm • Houston • Savannah • Beaumont-Port Arthur

  24. Communicating Risk FLOODSMART: Future Plans • Coop advertising templates • Mail on demand advertising tools • Continue small business mailing to top performing coastal markets.

  25. Communicating Risk FACT FINDING AND DISCUSSION: • What other challenges exist for agents? • What motivates business owners to protect their business? • What other tools would help agents sell flood commercial flood insurance?

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