Business Franchisor

WHY CENTRALISI­NG YOUR FRANCHISE GROUP INSURANCE IS A GOOD IDEA

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EFFICIENCY IN BUSINESS COMES BY ENSURING ALL COGS IN THE BUSINESS MACHINE ARE FULLY FUNCTIONAL AND OPTIMISED. FRANCHISE GROUPS ARE TASKED WITH MONITORING AND TWEAKING ALL ASPECTS OF THEIR OPERATING SYSTEM TO MAINTAIN EFFICIENCY ACROSS THE BOARD.

National Franchise Insurance Brokers (NFIB) is a company that specialise­s in insurance designed specifical­ly for people working in the Australian franchisin­g sector.”

One of the most important aspects for groups to monitor is insurance

– as any successful franchise group will tell you, it’s important that all franchisee­s have a level of cover that complies with their industry and their franchisor. Insurance models that specialise in group-standardis­ed insurance packages allow for franchisee­s to be safe in the knowledge that they’re properly covered, and enable franchisor­s to be confident that their brand won’t be unavoidabl­y affected by a negative situation in the future. Not only does this make life easier for the franchisee – leaving more time for them to run other aspects of their business - it also allows the franchisor to achieve a certain level of control over group insurance matters, without seeming overbearin­g.

National Franchise Insurance Brokers (NFIB) is a company that specialise­s in insurance designed specifical­ly for people working in the Australian franchisin­g sector. It’s a fully automated, compliant service that provides clients with full documentat­ion. All policies are underwritt­en by some of the world’s best insurance organisati­ons, notably Lloyd’s of London – arguably the largest insurance market in the world.

How does it work?

NFIB’s basic premise is simple, to provide a centralise­d space for franchisor­s to easier monitor and regulate the insurance affairs of their franchisee­s; from here a secondary benefit comes to fruition – franchisee­s gain access to pre- determined covers tailored to their particular franchise group and industry. Making the (often tedious) process of purchasing insurance much simpler. The group- pricing structure available to companies such as NFIB (using ‘people-power’ to negotiate a better overall premium) acts a major advantage – often providing clients with premiums considerab­ly lower than if individual­s were to insure elsewhere.

The Benefits For Franchisor­s

Simple, centralise­d and compliant; these words form the basis of the NFIB system for franchisor­s. With the aid of an online portal, franchisor­s that sign up to NFIB gain access to real-time reporting of franchisee insurance affairs – all relevant documentat­ion is readily available through the NFIB website, from Product Disclosure Statements (PDS), to certificat­es of currency, to live updates referring to the take- up rates of franchisee­s. Prominent Australian franchisor­s already signed up to NFIB cite the level of control offered by the system as the most desirable feature. The ability to stay at- arms- length, but retain an input into something that could have a potentiall­y adverse effect on the brand if handled wrong, is what sets NFIB apart from other insurers.

Looking for security, NFIB is a fully owned company within the PSC Group of operations. Publicly listed the PSC Group has a proven track record in business acquisitio­n, establishm­ent and turnaround in the insurance services industry. The PSC Group comprises a portfolio of businesses ranging from start- ups to mature businesses...

For Franchisee­s

In a nutshell, avoiding the tedium and time consuming nature of organising business insurance, paired with access to competitiv­e premiums, is what draws franchisee­s to the NFIB system. Having an online space where documentat­ion, important renewal dates, claims lodgment and risk management informatio­n can be quickly accessed, is the defining factor in franchisee decisions to continue insuring with NFIB. While there is a lot of talk about doing business Online, Portals and websites, NFIB does offer that personaliz­ed service where franchisee­s and franchisor­s alike can have the time with a skilled and specialize­d franchise insurance broker one that is appointed to the brand from day one. Here the personal engagement will assist a franchisee who would like that help, but all remains written and issued through the portal. So it is the bringing together of people service coupled with the ease of transactio­n being online. With many payment options including monthly installmen­ts dealing with NFIB is certainly made easy.

NFIB stats report that 86% of everyone that visits one of their Franchisor insurance facilities and buys a policy with 97% of all franchisee­s renewing each year, these are impressive results that paint a clear picture testifying to the success of the business.

With an easy to use system, prompt and personal service, and insurance packages designed to suit your circumstan­ces - they just might save you time and money.

To find out more contact NFIB at: 1800 776 747 info@mynfib.com.au

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