The Benefits of NFIB Managed Insurance for Franchises

As a business owner, you want to ensure that your enterprise is financially covered for the risks it carries. This means being aware of areas of risk specific to your business and having the appropriate insurance in place to cover them. You also want to make sure that you have adequate financial protection –  without paying for unnecessary or duplicated cover.

If you decide to franchise, like many other Australian business owners do each year, the insurance process will become even more complex. Suddenly you have to deal with not only your own insurance needs, but those of your franchisees as well.

This is where you might benefit from some expert assistance from a broker who understands franchising in depth, and who is able to arrange tailored cover for you and your franchisees, saving you stress, time and money in the process.

Easy insurance for franchised businesses

NFIB (National Franchise Insurance Brokers) was founded for the specific purpose of providing insurance cover to franchised businesses. NFIB’s managed program streamlines and simplifies the process of obtaining insurance, reducing the resources needed to find suitable cover, and helping to ensure that the franchise has the right types and level of cover for its risk profile.

The types of business insurance required may include property, cash, business interruption, theft, glass breakage, products liability, professional indemnity, equipment breakdown, stock cover, and motor vehicle cover.

How does the NFIB insurance program work?

The program takes the hassle out of arranging insurance for your franchisees. Here’s how it works in three steps:

  1. The franchisor negotiates customised cover for their franchised business, based on the business’s risk profile and need for financial protection.
  2. The franchisor then recommends the NFIB program to their franchisees as a preferred provider of insurance cover.
  3. Franchisees are provided the option of joining the franchise managed program by completing a pre-populated online form which provides the premium and payment methods. This is a simple process that takes only a few minutes to complete.

Why choose a managed program?

A managed program of this type provides numerous benefits to both franchisors and their franchisees.

Franchisors:

  • Franchisors are provided with a dedicated hub which they can access online 24/7, and a dashboard where they can set their own risk level and monitor their franchisees’ insurance activity.
  • An easy-to-use claims process with a fast turnaround time – generally within 72 hours.
  • Comfort that franchisees are up-to-date and compliant with their insurance requirements.
  • A dedicated account executive who fully understands all the particular and unique risks and cover needs of the franchise.
  • Reduced costs as a result of bulk-cover purchase.
  • High quality cover by an insurer that is fully approved by the Australian Prudential Regulatory Authority (APRA).
  • Automatic renewal process and common due dates for all covers.

Franchisees:

  • Cost and time savings compared to sourcing individual cover.
  • Pre-approved cover for the franchise means there is no need to read complex documents or sign contracts.
  • A simple system where joining the program involves just a few mouse clicks.
  • Automatic renewal for insurance cover each year.
  • No need to be concerned about changes to the franchise’s insurance requirements, as the franchisor will negotiate new cover with NFIB.

Running a franchise is time consuming, so anything that can make it easier and save you and your franchisees time and money is worth considering. A managed program of this type also ensures that there is uniform cover throughout your franchise, in turn providing greater consistency and simplicity.

If you’re interested in the benefits NFIB can provide, why not contact us? We can get you covered with a tailored program that meets the needs of your business and your franchisees.

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