Franchise Groups Information
If you own or operate a franchise of a corporation, you may have the benefit of pre-established processes and practices intended to mitigate risks and exposures. Still, even while adhering to these well-rehearsed measures, your business may eventually experience accidents and errors that could lead to significant financial concerns. With that in mind, your franchise should prioritize acquiring and maintaining adequate insurance.
What Is Franchise Groups Insurance and Why Is It Important?
Franchise group insurance may not refer to a single policy. Rather, your business may need to combine several types of coverage to form a suitable franchise group insurance portfolio. Regardless of how it’s secured, adequate franchise group insurance can provide critical financial protection in response to many common incidents that may affect your business. While specific coverage needs may vary, the following types of insurance may be advisable:
- General liability insurance
- Commercial property insurance
- Workers’ compensation insurance
- Business interruption insurance
- Errors and omissions insurance
- Employment practices liability insurance
- Commercial auto insurance
- Cyber liability insurance
Your franchise and the company it represents should consider adequate coverage a top priority. Without the right insurance, you may lack the resources to pay for losses and damages. As such, even a single incident could have dire consequences for your business’s finances and future. If you lack the ability to pay for losses, particularly those you may cause to others, it may also have financial and reputational ramifications for your corporation.
Are There Franchise Group Insurance Requirements?
Specific franchise group insurance requirements may vary depending on what company you represent. Your business may also be beholden to various legal requirements concerning insurance, such as workers’ compensation and commercial auto liability coverage. Furthermore, if you rent your premises or have purchased it using a loan, your landlord or lender may require you to carry commercial property insurance coverage.
What Is the Claims Process for Franchise Groups Insurance?
If an incident requires you to file a claim against your insurance, it can be helpful to understand the process and what to expect. Typically, you should first contact your insurer and inform them of the incident. If necessary, you should also contact law enforcement. After documenting your losses and providing your insurer with an inventory of damages, a claims adjuster may be dispatched to investigate the incident. If you need to make repairs before an adjuster can arrive, set aside samples of damaged items so that they may be examined and save all receipts. If your claim is approved, your insurance will provide a payout minus any applicable deductibles. Please note, the claims process may vary based on the type of claim you are filing and the insurer. Work with your agent to learn more about the claims filing process.
Get the Right Coverage
At Lakenan Insurance, our dedicated staff is well-equipped to help you financially secure your franchise. We will apply our extensive knowledge and experience to analyze your circumstances, explore your options and assemble an ideal insurance portfolio. Contact us today to get started.