Many agents lack confidence when it comes to selling Commercial Lines. They speak fluent Personal Lines, and rely on a client base of family, friends, neighbors, and community members, all who need Personal Lines coverage. Great! Nothing wrong with that. Or is there? Did you know 1 in 7 Homeowners are also a Business owner? If the agent owns the client’s Personal Lines, but is not insuring the business, someone else is. It’s not just a missed opportunity to gain share of wallet with current clients, bringing the agency more revenues and increased retention. It’s also a protective measure against the competitive pressures of other agents seeking to steal the clients’ Personal Lines business away.
You can download the first lesson for FREE to check it out for yourself
How to insure General Contractors
This course will follow James as he prepares to call on Killiam Contractors LLC. Paul and Yolanda Killiam have been friends of his family for years and he wants to do the best job he can for them even though this is his first time to work with a general contracting operation.
NOW, CAN YOU FOLLOW THROUGH WITH THE TRAINING?
A Particular Set of Skills
It takes quality people to demonstrate a sensitivity to the unique needs and problems customers face and then to function as consultants and problem-solvers. But your Commercial Lines Agents can't sell what they don't understand and believe in - whether it's your products, your services, or whatever your agency stands for in the marketplace.
As the ad shown above suggests, the training of new employees is often the crucial step in developing quality people. Usually that training means learning on-the-job. How much better would it be to start with an overall perspective of the importance of Commercial Lines Coverages?
To help address that challenge, FYI Express has developed a training package called "Commercial Lines Training for New Agents"
Here's what the package does for you:
The online training can be taken either at home or in the office. Each lesson should take approximately an hour and a half. The whole package can be completed in a day or spread out over a week, depending on the pace at which the person covers the lessons.
What of the training itself? Selling more policies is only the end result of establishing more complete relationships with the customers by following the guidelines in the package. Being able to anticipate the unasked questions will lead to more sales and better satisfied clients.
A Particular Set of Skills
INCLUDES THESE ADDITIONAL VIDEO TUTORIALS
The "How to Insure" Online Training Courses are a practical hands-on program that explores the insurance needs of a customer. Each course follows a producer as he or she uses the Risk Evaluation System to work with a client in a specific industry. These courses are risk-specific, not coverage-specific and are designed to be introductory, not in-depth. They can help a producer, CSR and others in an agency gain the confidence necessary to pursue and work with a different industry niche.
Throughout this course, we will be providing regular updates on how our agent is progressing with the customer. At these updates, we will take time to review the course material with a short quiz. After you answer the quiz question, the correct answer will be shown.
You will learn why the answers given on an application affect coverage.
It will help you be better able to explain your recommendations for coverage.
How to insure Garages
This course will follow our agent as he prepares to call on Robby´s Garage. Robby is a friend from high school who took over his father´s business four years earlier. Robby had an uncovered loss and is very unhappy with his current agent. He trusts our agent because of their friendship but has never purchased any insurance coverage from him. Our agent values their friendship and wants to do the very best job possible but has never written a repair garage.
How to insure a Restaurant
This course will follow Toni as she prepares to call on the Que Pasa Grill. The owner is a Personal Lines customer who has asked for her help in revamping the Grill's insurance plan. Toni wants to be prepared for the meeting but is uncomfortable because this is her first commercial lines account opportunity.
How to insure Trucking Companies
This course will follow Pamela as she prepares to call on Close to Home Truck Lines. Close to Home is owned by her brother-in-law, Ephraim. They just had an uncovered loss and the brother-in-law is concerned that his current agent does not understand the trucking industry and, therefore, is not providing the coverage they need. Ephraim has confidence in Pamela since she helped him understand why the loss wasn't covered. Pamela appreciates the faith Ephraim has in her and wants to do her best.
How to insure Day Care Centers
This course follows Jeremiah as he prepares to call on Better Than Home Day Care Center. Jeremiah is a friend of the administrator, and she asked him to review her insurance program. Jeremiah is interested for two reasons. He would like the business, but he also would like to learn more about the center that his son attends.
Lisa Phelps started Better Than Home Day Care Center eight years ago. She started small and initially specialized in caring only for babies. As they grew, so did her business and the center now cares for babies, toddlers and preschoolers. It also provides after-school care for older children.
Lisa is the owner and administrator. There are four full-time employees in the baby room and eight part-time aids. There are three full-time employees with toddlers and six part-time aids. The two preschool teachers are assisted by four part-time aids. Two part-time employees direct the before and after school programs.
The importance of C.O.P.E
Underwriting commercial property exposures always begins with C.O.P.E.
This is the acronym for Construction, Occupancy, Protection, and Exposure. Although the primary underwriting concern is the potential for fire, all other causes of loss must also be evaluated.
Property underwriters need information to evaluate a risk.
Coinsurance Clause and How It Works
Coinsurance provides a carrot and stick approach to encourage insureds to carry adequate insurance to value.
First, the insured receives a substantial premium credit if the insured purchases adequate insurance.
Second, if, at the time of loss, the amount of insurance on the policy doesn’t meet the minimum amount of insurance required, the loss settlement is significantly reduced.
All property rates are built with a credit for the insured carrying a minimum of 80% to value.
An additional rate credit applies if the insured agrees to subject itself to 90% or 100% coinsurance.
On the other hand, the rate is surcharged if an insured decides not to submit to the coinsurance condition.
As a further incentive, certain property extensions in the coverage form or policy apply only if the insured selects the coinsurance condition.
Because promises are easy to make and difficult to keep, the insured must incur a penalty when the upfront promise, for which the insured received premium credit, is not kept.