Having recently been a finalist in the 2013 Telstra Small Business Awards and after another year attracting more and more of Australia’s best known franchise businesses, National Franchise Insurance Brokers (NFIB) is fast becoming an insurance force to be reckoned with.
“Our goal has always been to penetrate the market with the most competitive insurance premiums for franchised businesses, and that goal is now beginning to be realised,” said NFIB Executive Director Darryl Morris.
“And our recent nomination for the Telstra Small Business Awards really was the icing on the cake.”
For those of you not familiar with NFIB, they offer a web-based insurance platform that has been designed exclusively for all kinds of franchised businesses around Australia. What’s central to NFIB’s success is two-fold: inexpensive insurance premiums regardless of the franchised business being insured, and the ease at which a franchise business can insure their business.
“Four clicks of a computer mouse to get a franchised business covered is what we’ve always promised,” said Mr Morris. “And that’s precisely what we’ve delivered.”
What makes insuring with NFIB so easy is the fact that there are only four basic pieces of information required in order to arrange cover for a franchised business:
1. The replacement of plant, equipment or stock 2. The gross profit of the franchised business 3. The level of public liability required by the franchised business 4. Whether machinery breakdown is required by the franchised business
Plus, there isn’t any paperwork or forms to complete and there are no signatures required. It really is quite a simple and ingenious process.
“We spend a great deal of time and effort travelling around the country speaking to both franchisees and franchisors and their feedback is extremely positive,” said Mr Morris. “Our online system allows the franchisor to make sure that all of their individual franchisee’s businesses have adequate insurance cover. From the franchisee’s perspective, our ability to ‘bulk buy’ insurance cover means their costs are significantly reduced when compared to what they may have paid for insurance in the past.”
The NFIB business model has been so successful that the group has now ventured abroad with the recent launch of Worldwide Franchise Insurance Brokers or WFIB.
“We are continuing discussions with insurance brokers in the UK, Europe and in both North and South America. We are also proud to announce that we will soon be represented in New Zealand by one of the largest broker networks in that country. This is the first partnership formed offshore and we are confident that this union will assist local and regional franchises in New Zealand to take advantage of the ease and simplicity in purchasing their insurance programmes online.”
Mr Morris said that he strongly believes that the future of the business lies in his group’s ability to provide the cheapest insurance costs available.
“We all hate getting insurance premium renewals. That’s a fact of life. People want the most adequate cover for the lowest possible price – it’s as simple as that. What we’ve focused on from the beginning and what is still central to everything we do today is to make sure our customers save money on their business insurance,” Mr Morris said.
For more information about National Franchise Insurance Brokers please contact Darryl Morris or Brad Dixon.