Just about anyone loves a delicious goodie from a bakery shop, but very few probably realise the work that goes on behind the scenes to make it all happen.
Running a bakery business is fraught with plenty of risks that could lead to financial losses as well. Here are some examples:
- Risks to workers – such as injuries from burns, manual-handling or slip and trip accidents.
- Risks to customers – e.g. slips, trips and falls, food poisoning, poor hygiene, stock unavailability.
- Risks to the business – including refrigeration breakdown, fires or other perils, supply chain issues, business interruption, theft and burglary or glass breakages.
Managing the risks
Risk management involves identifying the main hazards in the business, assessing the level of risk they could present, and taking steps to eliminate or control them.
All bakery businesses should have a solid risk management process in place. However, even with top-notch risk management, things can still go wrong – this is where the financial protection of insurance kicks in.
NFIB’s solution for bakery industry franchises
Franchised businesses have different insurance requirements from general SMEs in that the entire franchise network needs to be fully covered.
NFIB offers specialised insurance solutions for franchised businesses. This includes:
- Managed franchise insurance program – NFIB’s managed programs are designed to ensure that all franchisees within the business are fully covered and compliant with insurance obligations.
- Group purchasing – as an NFIB member, you get to leverage the benefits of a group purchasing arrangement, which is more cost-effective than buying separate individual coverages.
- Consistency combined with customisation – as well as consistent cover across the franchise, there is also the option of insurance customisation to meet specific individual requirements if necessary.
- Easy online processes – once the insurance program is set up online, franchisees can easily join through a dedicated hub. It’s also easy to lodge claims and renew policies.
- Events – NFIB holds conferences where franchisees can meet up and discuss relevant issues.