opportunities in the growing pet professional industry

WEBCAST

Opportunities in the Growing Pet Professional Industry

Opportunities in the Growing Pet Professional Industry

Today’s Agenda

• Intro to NIP Group • Market Overview • Overview of the PetPro Program • Why NIP/PetPro • Summary • Q&A

About NIP

About NIP Group

• A “top 100” business insurance and risk management intermediary

• Provide a wide range of brokerage, underwriting, and risk management services

• Entrepreneurial, innovative, and responsive • Deep knowledge of key markets • 20+ years of providing agents with

exceptional coverage, competitive commissions, and fast, efficient service

About NIP Programs

• Develop and manage customized business insurance for industries with specialized insurance and risk management needs Custom-tailored coverage for select markets Unique underwriting, loss control, and claims service

models, valued by both clients and insurers Underwritten by major insurers such as Travelers,

Chartis, Argo, AmTrust Market expertise Stability through all market cycles

NIP’s Programs

Employment Practices Liability Insurance

GlassPro® – for Glass Dealers and Installers

GrowPro® – for Greenhouses, Garden Centers and Nurseries

HVACPro® – for AC, Refrigeration, Heating or HVAC Contractors

IrrigationPro™ – for Providers of Irrigation and Pesticides for Lawns, Crops and Golf Courses

InteriorScapePro™ – for Contractors Providing Indoor Landscaping and Plant Maintenance

LandPro®/TreePro™ – for Landscapers and Tree Services Providers

LawnCarePro™ – for Lawn Care Service Providers

LightScapePro™ – for Lightscaping Contractors

MaintenancePro® – for Cleaning and Maintenance Services

MedEdge® – Affinity program for Physician Assistants and Optometrists

PetPro™ – for Pet Care Professionals

PlumbingPro® – for Commercial Plumbing Contractors

PowerPro® – for Electrical Contractors

SignagePro® – for Sign, Display and Awning Companies

SitePro® – for Excavation, Site Prep and Paving Contractors

WorkPro – Workers’ Comp

Market Overview

The Pet Care Professional Market

A Growing Market! • Americans spent more than $50 billion on pets in 2011

On-track to reach $52 Billion in 2012

0102030405060

1994 2002 2007 2011

Total U.S. Pet Industry Expenditures

Billion

*source: www.americanpetproducts.org

The Pet Care Professional Market

Where are pet owners spending their money? • Food: $19.53 billion • Supplies/OTC medicine: $11.4 billion • Veterinary Care: $14.1 billion • Pet Services: $3.65 billion

Who Provides These Goods and Services?

Pet Care Professionals

• Pet Medical • Pet Welfare • Pet Services • Pet Retail

Pet Care Professionals

Medical • Veterinarians • Animal

Hospitals • Mobile Vets • Specialists

Welfare • SPCAs • Shelters

(State, County, City)

• Rescues

Services • Boarding

Facilities • Groomers

Mobile Groomers

• Trainers • Dog Walkers • Pet Sitters

Retail • Food • Clothes • Toys • Accessories

A Great Opportunity

• Broad range of professionals

• Broad range of insurance needs

• One of the few markets resistant to the current economic recession

Challenges Facing Pet Care Professionals

• Generic small-business insurance products are inadequate for this market.

• Recovery is not always limited to the ‘market value’ of a companion pet.

• Businesses are offering multiple services requiring specialized coverages.

• Inadequate underwriting can result in coverage gaps.

Beware of Coverage Gaps!

• Your client is a Veterinarian: Does their professional liability have consent to settle language? Is their specialized equipment protected?

• Your client is an SPCA: Are volunteers covered under the GL? What about fosters and off-site adoptions? Are fundraising and community activities covered?

• Your client is a Boarding Facility: is their fencing covered? Are veterinary bills covered for animals injured in their care?

• Your client is a Pet Boutique: Is their stock covered? What about outdoor signs?

• Your client is a Pet Sitter: Will they be covered if a dog escapes? Will they be reimbursed for lock and key replacement?

The Bottom Line?

Is Your Client Covered?

NIP’s PetProTM

An Overview

Program Overview

• A revolutionary, all-lines insurance program for Pet Professionals

• In partnership with an A.M. Best A Rated Partner Carrier

Program Overview

What Makes PetPro Different? • The result of several years of market research

and development in collaboration with legal and industry experts

• The PetPro team at NIP has vast experience in the pet care industry

• A comprehensive collection of insurance coverages developed exclusively for pet care professionals

• An amazing price

Program Overview

Why is PetPro Great for Agents? • An opportunity to capitalize on a industry that

has maintained consistent, steady growth, in spite of less-than-stellar market conditions

• Aggressive pricing tools • Seasoned underwriters who understand the

industry

Program Overview

Standard Coverages • Property • General Liability • Commercial Auto • Workers’ Comp • Inland Marine • Crime

Specialized Coverages • Professional Liability • Loss or Damage to

Companion Pets • Crisis Management Expenses • EPLI • Excess Coverage

Target Account Characteristics

Veterinarians Large Veterinary Operations

• >15 employees, multiple locations Multi-Line: Comp is big driver here, BOP and

sometimes package can be relatively cheap • Adding Auto and PL adds-up

Advanced Imaging Equipment: (MRIs, PET scanners, Blood transfusion, etc.)

• Increased property premiums Advanced Specialty Training: (Oncology, ortho,

opthamology, cardiology, etc) • Increased payroll = higher comp premiums

Target Account Characteristics

Shelters and SPCAs > 15 employees (plus volunteers) Brick and mortar organizations with large

properties • We rate based off of the number of kennels; the

larger the building, the greater the premium Look for “county’ or “state” in the name

• These serve a large area, generally contract w/ a municipal or regional government, and have larger payrolls, etc.

Our Mission is Simple

To help agents and brokers understand this market, and provide support to help

capitalize on this industry.

We make the broker the expert!

Why NIP?

• Ranked among the 100 largest specialized business insurance and risk management intermediaries

• Focus on developing creative insurance solutions and providing highly personalized service

• More than 20 years of experience developing and managing business insurance programs for niche markets

• Programs underwritten by our A.M. Best “A”rated carrier partner

Questions?

Thank You! For more information about PetPro, visit:

www.petproinsure.com

Kelly Spencer [email protected]

(800) 446-7647 x 386

www.facebook.com/petprogivesback twitter.com/#!/PetProNIP

http://www.petproinsure.com/

mailto:[email protected]

http://www.facebook.com/petprogivesback

http://twitter.com/