I like this workflow but I modified it to suit me better. I thought it was dumb that snippets have both a name and a keyword. I felt like they should be the same so I modified the workflow bash script to just use the first value as the name and keyword and the second value as the content. They are still stored as separate fields in the database, but from the user's perspective they are the same
I also changed the keyword from "snp" to "snip" and then I changed the "snip" keyword in the clipboard settings to "snap".
So now I can do "snip name:content" to store a snippet, and "snap name" to paste it. I'm probably going to add a "delsnip" keyword at some point to so I can easily remove them. I'm not sure yet though; I'm not as worried about an insert query against alfdb as I would be about a delete query. We'll see. At least the snippets.alfdb file appears to be just for snippets. Worst case is you corrupt your snippets db file and have to delete it and re-create all your snippets.
If anyone else wants my modified workflow, here you go: http://goo.gl/sVUmwp
PS - I know everyone is all worried about the integrity of the Alfred database. Honestly, the query is super super tiny. The only way things would get screwed up here is if Alfred updates and changes the database schema, but considering that snippets haven't changed in over a year I highly doubt that will happen. The only time it will happen is when they finally redesign snippets, at which point this workflow will be obsolete anyway.
Here's the script if you really want to see what it's doing, which isn't much at all: https://gist.github.com/chevex/87f12a2fd5f549010f98
Just back up the snippets.alfdb file like others have said and then you'll be good to go. That's just my two cents though.