There are many reasons why starting a franchise could be the right move for your career. However, even the most successful franchisees can have something unexpectedly go wrong, and that’s why having the proper business insurance products is so important.
Here are six types of insurance for franchisees that should be on your radar in order to keep you protected.
General Commercial Liability Insurance
No matter what kind of business you run, you also run the risks of being sued. General liability insurance covers you in the event that someone incurs bodily injury or property damage resulting from accidents on your property or from your products and services.
In many cases, it can cover you for more obscure claims as well, such as wrongful advertising and copyright infringement.
If you own a building, buy or lease equipment or have personal business property, property insurance is likely a wise investment. It provides protection and financial reimbursement to you in the event of vandalism, theft a fire or other damage.
There are different property insurance options and riders that can include protection for things like flooding and earthquakes, so it is best to get a policy that makes sense for your area and unique business needs.
According to the Bureau of Labor Statistics, more than 3 million accidents occur in U.S. workplaces every year. In Canada, as of 2012, approximately 670 workers were injured on the job every single day.
Clearly, accidents happen. Workers’ compensation insurance provides financial protection for you and your employees when they do. It reimburses your staff for injuries or illnesses that arise as the result of workplace conditions, and it limits the liabilities of companies for these conditions.
For most U.S. based businesses, workers’ compensation insurance is mandatory. In Canada, there are workers’ compensation boards in every province and territory.
Commercial Auto Insurance
For mobile franchises like Bin There Dump That, commercial auto insurance is a must have. It provides damage and collision coverage for vehicles that transport employees, products or equipment.
Even if you use a personal car for networking or business meetings, you should consider adding the car to your commercial policy.
Lastly, if you have employees who use their own cars while performing franchise business, you should protect your company by adding non-owned auto liability coverage.
Employment Practices Liability Insurance (EPLI)
Every year, employees file more than 7,000 lawsuits against their employers. Unfortunately, employee lawsuits and discrimination charges are not covered under standard general liability policies.
To mitigate your risks, you should consider EPLI coverage for you and your business, which protects you in the event that you are sued by a current or former employee for wage-and-hour issues, wrongful termination, discrimination and a host of other claims.
Health Insurance And Employee Benefits
Whereas the other insurance products on this list are designed to keep you protected, acquiring the right employee benefits can keep you more competitive.
Thus, when you are hiring for your franchise, offering the right mix of employee benefits can help you attract and retain top talent, and elevating your staff is a great way to elevate your profitability as well.
Franchise Support Takes The Stress Out Of Shopping For Insurance
These are just some of the insurance products that you should consider when starting a franchise, and sifting through all of the options can be confusing. Add to that the process of evaluating different carriers and negotiating rates, and it can be downright daunting.
Fortunately, as a Bin There Dump That franchisee, you will be able to leverage our economies of scale and purchasing power to receive highly competitive pricing on insurance from top carriers. Plus, our franchise leadership team will help you select the products and coverage options that are right for you, adding some assurance to your insurance.
Learn more about the advantages of franchising. Check out our franchisee testimonials.