Franchise Insurance

What Should You Consider When Purchasing Franchise Insurance Coverage?

Posted by on Feb 21, 2017 in Franchise Insurance | Comments Off on What Should You Consider When Purchasing Franchise Insurance Coverage?

What Should You Consider When Purchasing Franchise Insurance Coverage?

Running a business can come with an extensive list of day-to-day concerns. One of your top priorities should be protecting your business, property, employees, and yourself from unforeseen events. But with so much to do already, where can you start making sure you have proper coverage?

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Reduce Insurance Costs Without Reducing Coverage

Posted by on Feb 8, 2017 in Business Insurance, Franchise Insurance | Comments Off on Reduce Insurance Costs Without Reducing Coverage

Reduce Insurance Costs Without Reducing Coverage

Owning a franchise restaurant or any other small business is a costly endeavor. You have your building, staff, supply costs, and more to think about. Savvy business owners are always looking for ways to streamline processes, become more efficient, and ultimately cut costs, but one place many owners fail to look at is insurance costs. Many business owners fear it will translate into less coverage or coverage gaps if they pay less for insurance. However, it’s possible to save money on insurance while still maintaining adequate coverage. In some cases, an insurance review by trained experts can lower insurance premiums while maintaining and — in some cases — improving coverage.   These six tips can help small business and franchise owners reduce insurance costs while preserving adequate coverage: Perform an insurance review. Make sure your insurance policies are current and cover the correct things and people. High employee, equipment, and other turnover is common in many industries. Make sure your insurer has an updated list of these items to ensure your policies aren’t covering unnecessary or outdated things and people. Bundle where possible. Some insurance carriers give discounts when you bundle property, vehicle, and other insurance types. Check to see if you could save money on insurance costs by bundling policies with your provider. Check for redundancies. As problematic as insurance coverage gaps can be, double coverage for the same things on different policies is another costly mistake business owners make. Compare policies side by side to review and eliminate any redundancies. Avoid over-coverage. Many owners of small businesses and franchises fear insurance coverage gaps and overdo insurance coverage in the process, therefore unnecessarily increasing premiums. Reducing insurance costs is possible when business owners have more insurance than they will ever realistically use. Adopt a safety plan. By putting a safety plan in place, and utilizing it, your workforce will likely experience fewer injuries and claims, which can reduce insurance premiums over time. Utilize an insurance broker. Insurance brokers like Concklin Insurance professionals can help business owners like you shop around for policies to ensure yours are fair and cost-effective while maintaining adequate coverage. It’s no secret that business insurance is a significant budget portion for all owners of franchises and small businesses. By implementing these six tips, owners can reduce insurance costs, leaving more money to invest back into their businesses. Contact a Concklin Insurance expert today. We can look at your small business or franchise insurance policies to determine any coverage gaps as well as find places you can cut insurance...

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Don’t Fall into the Insurance Gap!

Posted by on Dec 6, 2016 in Franchise Insurance | Comments Off on Don’t Fall into the Insurance Gap!

Don’t Fall into the Insurance Gap!

As a franchise owner, you’re probably well-aware of the many decisions you must make and policies you must uphold to remain in compliance with the typical franchise disclosure document (FDD) or legal agreement you signed and enacted when you purchased your business. While these documents vary in depth and content, one of the key elements all FDDs include is insurance requirements. The typical business insurance requirement in your FDD will cover your operation from standard claims — including employee injury and the resulting workers’ compensation — to property loss or damage and liability insurance that will protect you and your business from being legally sued or held liable in the case of malpractice, negligence, injury, or even death. But in the very complicated and ever-changing world of franchise insurance, it’s important to understand your policy and ensure you and your business are adequately covered. Even if you’re in compliance with your FDD, you may still be unaware of dangerous gaps in your insurance coverage. Gaps in your franchise insurance coverage can come in a variety of forms. The most overlooked omissions and gaps occur in these ways: Insufficient Coverage — Depending on the insurance plan you have in place for your franchise, the policy may not be enough to cover you, your business, employees, and customers in the event of a major catastrophe, injury, death, or other unforeseen situation. Out of Compliance — Despite your best efforts, we often run into franchisees who believe they’re meeting the needs of their insurance requirements per their FDD, but in actuality, their policies are not compliant with the standards set by the agreement. Property Coverage — Not all franchise insurance policies cover the property itself, and others many not have sufficient coverage to protect all your businesses property in the event of theft or damage. Umbrella Insurance — Umbrella insurance coverage kicks in when you’ve maxed out other forms of insurance. Many franchise owners do not carry this type of policy, but it can protect your business, tools and equipment, property, and more in the case of a catastrophic event that exceeds your standard coverage. Employment Practices Liability Insurance (EPLI) — EPLI covers you and your franchise if a current or former employee sues you on the grounds of your business practices violating her or his legal rights. Many franchisees do not carry this kind of insurance, but recently, these types of claims are on the rise and, as such, EPLI coverage may be necessary. Workers’ Compensation — Your FDD likely mandates that you hold workers’ comp insurance, an insurance plan that covers employees who have been injured or become disabled on the job with a financial benefit. However, it’s possible your policy is not sufficient to cover your franchise. Cyber Liability — In our digital world, it’s important to ensure your franchise is covered in the event of a data breech or loss of personal information. Coverage for such events is available through cyber insurance, but many franchisees don’t carry this type of policy. Depending on your business type, this insurance may be necessary. Errors and Omissions (E&O) Liability — If your provide a service rather than a physical product, carrying E&O Insurance may be necessary to protect you and your franchise in the event a customer sues you on grounds your service caused damage or distress. Many FDDs include E&O insurance, but some may not, leaving you and your franchise at risk with an insurance gap. For example, in recent years, the relationship between franchisee and a franchisor has changed in a way that now makes it standard that a...

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