The NFIB advantage
Franchising, from an insurance perspective, is a simple model. However, for the franchisor, the management of franchisee insurance is a compliance matter, and franchisors often have to invest in resources to ensure that franchisees are compliant and that annual certificates are up to date and accurate. National Franchise Insurance Brokers (NFIB) provides an online platform, as well as an extremely cost-effective insurance solution dedicated to making this process easier for franchised businesses.
Created to meet the demand for a dedicated online provider of insurance cover for franchisees, franchisors and franchised businesses in Australia, the NFIB service is fully automated, compliant with franchise agreements and provides you with full documentation confirming your cover placement. Plus, all NFIB products are underwritten by one of the world’s leading insurance organisations.
Where it all began
NFIB first trialled its services in 2010. This trial period involved discussions with franchisors, franchisees and insurers where NFIB worked to understand what was missing in the insurance space for the franchising industry. NFIB looked at what was needed to meet the changing compliance needs of a franchisor and also what would enable them to have a better overview of their insurance program for franchisees. After extensive research, it was clear that there was a real need to develop a specialised insurance solution that would address the needs of all the stakeholders, and so NFIB was established.
What was needed?
There are significant costs associated with managing multiple franchisees, often with different insurance expiry dates. Franchisors want to maintain the integrity of their brand, franchisees want business security, and brokers work with insurers to meet those needs. With an online platform sitting between the franchisor, franchisee, broker and insurer, all the parties can be served in a cost-effective manner, often at a time that best suits each individual. And by having all the information in the one place, they are all on the same page, reducing miscommunication and saving time and costs. NFIB is unique in this space and enables a franchisor to have real-time transparency over their brand’s insurance at the franchisee level.
How does it work?
NFIB’s basic premise is simple, to provide a centralised space for franchisors to monitor and regulate the insurance affairs of their franchisees. Setting up your own NFIB program is free. The only costs are related to the actual insurance premiums specific to your business. NFIB’s technology interface and cost-effective insurance solutions are dedicated to franchised businesses and take care of compliance, certificates of currency and even make sure your dates line up, taking the headache out of administrating your insurance.
While NFIB are a technology based delivery solution, they do have a team of insurance brokers who are ready to walk you through the process of arranging your insurance. Knowing you have the right cover and that any unusual circumstances have been thought of brings peace of mind. And if something does go wrong and you have to make a claim, they are best placed to ensure you get a quick and accurate settlement.
The benefits for franchisors
Simple, centralised and compliant; these words form the basis of the NFIB system for franchisors. Through the online portal, franchisors gain access to real-time reporting of franchisee insurance affairs, where all relevant documentation is readily available through the NFIB website, from product disclosure statements (PDS) to certificates of currency, and live updates referring to the take-up rates of franchisees.
The group-pricing structure available to companies also acts a major advantage – often providing clients with premiums considerably lower than if individuals were to insure elsewhere.
Australian franchisors currently 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 mishandled, is what sets NFIB apart from other insurers.
The benefits for franchisees
Avoiding the tedious and time-consuming nature of organising business insurance and competitive premiums is what draws franchisees to the NFIB system. Having an online space where documentation, important renewal dates, claims lodgement and risk management information can be quickly accessed, is the defining factor in franchisee decisions to continue insuring with NFIB.
Why choose NFIB?
NFIB are in the business of making life easy for the franchisor and will work side by side with you, your franchisee and your insurance broker to ensure the most appropriate cover is sourced for the business. There is no paperwork, no signatures required, no printing out and no faxing back. That’s the NFIB advantage.
If you would like more information, contact Darryl Morris who is the Managing Director of NFIB on 1800 776 747 or darryl@mynfib.com.au