Franchise Business Insurance
Today, running a business in Washington & Oregon is not as hard as it used to be, because many business franchises are currently available. You still need the startup money but when you buy a franchise you have a great deal of assistance and this helps people who don't know a lot about the aspects of operating a retail business. There are hundreds of franchises available and each one has its own unique risk factors to consider. In fact, if you don't have the right franchise business insurance, you might not be in business very long after just one financial setback. Here is an example.
Ted was a self starter and even as a child, he thrived as an entrepreneur. Ted started out at a young age, selling homemade cookies door to door and soon realized this was a good way to make money. Over the years, Ted never lost his enthusiasm for business and dreamed of operating his own pizza establishment.
During high school, Ted worked at a local pizza parlor and he also worked there while he was in college earning his MBA degree. By the time Ted was 28 he was the proud owner of a national pizza franchise in his neighborhood. Ted provided full services including deliveries and his customer base grew by leaps and bounds. One Saturday evening the place was very busy when Ted's delivery person, Wanda, told him the delivery car wouldn't start.
After much discussion, Wanda volunteered to use her old vehicle to finish up the deliveries for the day and Ted agreed. However, after the last delivery, the brakes on Wanda's car suddenly failed and she ran into car load of people at a traffic light. The damages to the other car were significant and two passengers had to be taken to the hospital with severe injuries. However, Wanda was uninjured.
That evening Ted called his insurance agent and asked if he was covered for this situation, and he found out that normal commercial auto insurance does not pay. Fortunately, his agent made sure Ted had special liability called ENOL (employer non owned liability) and this paid for the medical bills to the injured parties and damages to the other vehicle.
What is Franchise Business Insurance?
If you own a business which is franchised then you have special insurance needs. The corporation takes care of many things but it is up to you to make sure your business risk factors are fully covered by insurance.
Who Needs This Insurance?
Is your business part of a national chain of independent owners? If so, you need to protect it with franchise insurance. Here are some examples:
- Fast food restaurants - burger, pizza, sandwich shops, Chinese food, and others
- Transmission repair shops
- Brake services
- Oil change shops
- Dine in restaurants
- Cleaning services
- Senior care
- Travel agencies
- Retail grocers
- Retail hardware stores
- Gas stations
- Beauty salons
- Security services
Typical Insurance for Franchised Businesses
When you go into business you should consider a BOP as a basic policy. This stands for business owner's policy and covers issues like:
- Commercial property
- General liability
- Building contents
- Business equipment - including office equipment
- Product liability insurance
- Workman compensation
- Employment practices insurance
Franchise Insurance Options
Your additional insurance coverage choices will depend on the type of business you are in. Here are some possible options you may need:
- Crime insurance
- Employee healthcare insurance
- Cyber liability coverage
- D&O - directors and officers coverage
- Loss of income
- Equipment breakdown coverage
- ENOL - employee non owned liability auto insurance
- Umbrella liability - covers many liability issues that general liability may not cover, including libel, slander, and copyright issues.
- Flood insurance
- Earthquake insurance
- Liquor liability (if you serve or sell alcohol)
- Replacement cost insurance - will pay to rebuild your business if it is destroyed by a covered hazard.
Where to Go for Franchise Business Insurance
If you are a franchise business owner you may need to put in long days and assume a great deal of responsibilities. In fact, there may be very little time (if any) for checking out all the available insurance options from the many insurance companies doing business. There is no need to worry about these things when you come to Columbia Insurance Group.
With over 60 years in the insurance industry, you can count on Columbia Insurance Group to help you find insurance customized to the specific needs of your business, employees, and financial situation. Your independent insurance agent is your personal insurance advocate in a world of confusing insurance terms and a multitude of risk management options.
We can get you affordable business insurance and all the insurance options you need for your business. Why take unnecessary risks with your financial future when professional help is readily available and costs nothing extra? Check out a free quote on your insurance today by filling out the simple quote request form on this webpage.