Essential cover for franchisees and their businesses
Why do I need franchisee insurance for my business?
As a franchisee, you’re running your own business, which means you have your own liabilities to consider, as well as how best to protect business stock, assets and premises. If your newly set up in the business, finding the right covers can be time consuming and a little daunting – what if you miss something? If you’re an experienced hand in the business, you’ll know that getting all of the right covers in place can mean time spent shopping around that might be better spent on actually running the business.
As a specialist broker to the franchisee marketplace, we have significant experience working with franchisees across a whole raft of sectors and trades. We can tailor a range of policies to suit your needs, ensuring you have adequate protection in place without paying extra for cover you don’t need.
If you would like to find out whether franchisee insurance can give you the protection you need at a price you can afford, call Real Insurance Brokers today!
What is Franchisee Insurance?
Franchisee insurance is a pretty broad term. Put simply, it refers to arranging a range of individual cover components being pulled together to ensure all facets of your franchise business are protected.
Typically, franchisee insurance will include public and employers liability insurance. It may need to include professional indemnity, particularly if the franchise is service led and means that you’re offering advice to customers. Beyond that, it really does depend on your particular circumstances. If you run the business from an office, its likely that you’ll want cover for the premises, as well as your office contents. If it’s a retail franchise, you may need cover for stock or goods in transit. The possibilities really are endless, and that’s why working with an experienced, specialist broker like Real Insurance can make a lot of sense. We’re familiar with all the common requirements and pitfalls and pride ourselves on being able to gather together all of the covers you need.
Most franchise agreements require a franchisee to carry certain minimum levels of insurance cover, these may well be set out in your contract with the franchiser. We understand that insurance can be a little jargon heavy and that wading through the small print isn’t always a particularly rewarding experience. But it’s also critical that you have the right cover in place, and our job is to help you understand the requirements and search the market for you, ensuring you get the adequate protection stipulated at the right price.
Talk to a member of our specialist insurance broking team today
What is covers can be included under a Franchisee Insurance policy?
As already stated, cover should be selected based on your particular needs, but commonly franchisee insurance will include:
Public liability cover. If you come into contact with members of the public, clients visiting your office or customers in your shop, for example, public liability insurance protects you from the cost of defending claims that those members of the public have suffered injury or loss as a result of your businesses activity. It could be as simple as a customer slipping on a recently mopped floor. Where a compensation payout is deemed to be due, PL can cover those costs, too.
Property insurance, protecting you from costs associated with a range of potential risks such as a fire, flood or damage due to a break in.
Business interruption cover. If for some reason you were unable to trade for a period – for example your premises suffer a flood and you have to take a month out while repairs are undertaken – you are likely to have to continue to pay out fixed overheads such as wages and rent. You can insure against these costs in such events.
Employers liability cover. If you have staff – and that isn’t limited to people on the payroll, it includes casual and even volunteer labour, too – you must have employers liability insurance in place by law.
Commercial vehicle cover. Where you use a vehicle – or vehicles – regularly in the course of your business, you can’t use a standard private motor policy. We can advise on a suitable commercial vehicle policy.
Stock and contents insurance. Most businesses have equipment such as computers and furniture. If its a retail franchise, your stock may well be one of your most valuable assets. You can insure these items against loss, theft or damage.
Why should I choose Real insurance for my franchisee insurance cover?
In the end, you depend on your insurance broker to help you identify your insurance cover needs, and to help you address then efficiently. To do that properly, they need to be experts in the industry and niche of your business.
Franchisees have insurance needs that are not necessarily unique but do need careful consideration and understanding. Real Insurance Brokers have been helping Franchisees find the cover they need for years, and you can rely on us to help you when you need it.