Franchisee Insurance in Roswell, GA

Operating a franchise of a larger company can be a lucrative and rewarding business opportunity. However, as a franchisee, your business may need to adhere to risk management and loss control measures established at the corporate level. These requirements are generally intended to financially protect your own franchise and the corporation as a whole, such as through a versatile and robust franchisee insurance portfolio.

What Is Franchisee Insurance?

As its name suggests, franchisee insurance should be considered an essential loss control measure for businesses that operate as a franchise. This term may refer to a collection of policies rather than a single type of coverage. By assembling a suitable franchisee insurance package, your business may retain financial protection from many common risks and incidents that might otherwise incur significant out-of-pocket expenses and losses.

What Insurance Does a Franchise Need?

Franchise businesses may operate in many industries and must account for various perils and hazards. As such, specific insurance needs may vary significantly depending on unique circumstances. Still, several types of insurance may transcend industry lines and provide valuable financial security regardless of sector.

While assembling a franchisee insurance portfolio for your business, consider including the following coverages:

• General liability insurance—This coverage may provide financial assistance in response to third-party losses for which your franchise was deemed responsible, such as bodily injuries, property damage and personal and advertising injuries (e.g., slander, libel, false advertising)
• Commercial property insurance—This type of insurance may help pay for losses and damages accrued by your business’s physical assets, including structures, equipment, inventory, furniture and signage.
• Workers’ compensation insurance—If one of your employees is injured on the job or develops a work-related illness, this coverage may render financial aid for their medical bills, lost wages and disability benefits, as well as your business’s legal costs.
• Business interruption insurance—This coverage may help pay for expenses and losses arising from delays or disruptions to your franchise’s normal operations, including rent, lost revenue and employee wages.
• Errors and omissions insurance—If your business is at fault for providing clients or customers with inadequate professional services, this type of insurance, also known as professional liability insurance, may insulate you from resulting financial losses.
• Employment practices liability insurance—This coverage may provide financial assistance if a current, former or prospective employee sues your franchise for improper workplace practices, such as discrimination, harassment or wrongful termination.

While the aforementioned coverages may be advisable for most businesses, your franchise should also consider every aspect of its operations to ensure no coverage gaps remain uncovered. For example, if you transmit, store or otherwise work with sensitive data, cyber liability insurance should be prioritized. Similarly, businesses that utilize motor vehicles may need commercial auto coverage.

Get the Right Coverage

The Steve Seibert Insurance Agency has the knowledge and experience to help franchisees in the Roswell area assess and address their coverage needs. Our dedicated team will work with you to analyze your risks and exposures, identify available insurance solutions and compose optimal policies. Contact us today to get started.