Securing a consistent insurance plan for your franchise benefits both the individual franchisees and the franchise itself. Tailoring a franchise insurance program to your specific business model can help protect you against vicarious liability and other risks. A centralized insurance program gives you greater control to ensure that your franchisees are compliant with FDD requirements, providing greater protection against claims.
For businesses with under $1M in revenue or start ups with under $100k startup costs.
• Business Package: This is the policy that covers liability, property, loss of income, etc. Many packages have options for employment practices, cyber, and more worth exploring.
• Workers Compensation: Covers if your employees get injured. It is required by law if you have one or more employee.
For businesses between $1M and $4M in revenue
• Business Package: This is the policy that covers liability, property, loss of income, etc. Many packages have options for employment practices, cyber, and more worth exploring.
• Workers Compensation: Covers if your employees get injured. It is required by law if you have one or more employee.
• Group Benefits: Medical, Dental, Vision, etc.
• Professional Liability: if your business provides a “service.”
• Employment Practices Liability (standalone policy): A must if you have employees.
• Crime: Protects your business from embezzlement, fraud, robbery, etc.
• Cyber/Data: Protection from cyber breaches, social engineering, phishing, cyber extortion, malware, etc.
For businesses between $4M and $15M in revenue
• Business Package: This is the policy that covers liability, property, loss of income, etc. Many packages have options for employment practices, cyber, and more worth exploring.
• Workers Compensation: Covers if your employees get injured. It is required by law if you have one or more employee.
• Group Benefits: Medical, Dental, Vision, etc.
• Professional Liability: if your business provides a “service.”
• Employment Practices Liability (standalone policy): A must if you have employees.
• Crime: Protects your business from embezzlement, fraud, robbery, etc.
• Cyber/Data: Protection from cyber breaches, social engineering, phishing, cyber extortion, malware, etc.
• Key Person Disability: Protects your most valuable personnel in the event that they are no longer able to work due to a disability.
• Directors and Officers: Protects executives’ and owners’ personal assets for decisions made within the company.
• Fiduciary Liability: Covers your company for benefit and retirement plan related lawsuits.
For businesses with $15M+ in revenue
• Business Package: This is the policy that covers liability, property, loss of income, etc. Many packages have options for employment practices, cyber, and more worth exploring.
• Workers Compensation: Covers if your employees get injured. It is required by law if you have one or more employee.
• Group Benefits: Medical, Dental, Vision, etc.
• Professional Liability: if your business provides a “service.”
• Employment Practices Liability (standalone policy): A must if you have employees.
• Crime: Protects your business from embezzlement, fraud, robbery, etc.
• Cyber/Data: Protection from cyber breaches, social engineering, phishing, cyber extortion, malware, etc.
• Key Person Disability: Protects your most valuable personnel in the event that they are no longer able to work due to a disability.
• Directors and Officers: Protects executives’ and owners’ personal assets for decisions made within the company.
• Fiduciary Liability: Covers your company for benefit and retirement plan related lawsuits.
Consider the following:
• Inland Marine: Covers property off site. An example would be contractor’s tools or property in transit.
• Ocean Marine: Covers property being shipped worldwide.
• Accounts Receivable: Protects yourself from defaulting customers based on credit terms.
• Kidnap and Ransom: Protects yourself from a kidnapping, robbery, extortion, etc. Normally purchased for international travel.
• Bonds: Vary by industry but typically guarantee work.
• Intellectual Property: Provides defense for an IP suit and any resulting settlements or judgments.
Additional specialty coverage should be discussed with your agent.
