Franchise Insurance in Hyattsville, MD and Washington D.C.
What Is Franchise Insurance?
Franchise owners typically own and operate their business while adhering to specific requirements from the franchisor. Franchise insurance requirements found in the franchisee contract provide a good starting point for franchisers, who must remain in compliance.
Franchisers can also add coverage recommended by their insurance agent to help further mitigate risk. Contact the franchise insurance experts at Waymon Lynch Insurance Agency in Hyattsville, Maryland or Washington, D.C., today for help designing an insurance plan that meets your franchisor’s requirements while providing additional coverage to meet your franchise’s needs.
What Types of Insurance Coverage Do Franchises Need?
It’s crucial to remain in compliance with your franchisor’s business insurance requirements. Your agent may recommend adding specific policies, even if it isn’t mandated.
Here are the basic types of business insurance that franchise owners should consider:
General liability insurance – This policy may provide coverage for a number of claims, such as personal injury, property damage, medical payments and personal or advertising injury.
Commercial auto liability insurance – This coverage may provide help with expenses related to an auto accident when a company vehicle is involved.
Property insurance – If your business property is damaged in a covered event, this policy provides help with essential repairs.
Business interruption insurance – If a covered event causes extensive damage to your property and you must close your business for repairs, this coverage may help with fixed expenses.
Equipment breakdown insurance – Losses caused by a mechanical or electrical breakdown of business equipment may be covered by this policy.
Workers comp insurance – This coverage may provide financial support for employees who suffer accidents while on the job or who become ill due to employment conditions.
Excess liability coverage – This policy supplement helps provide additional coverage in case a claim exceeds the limits of the franchise’s other insurance policies.
Cyber liability insurance – This coverage may help protect ees from the high costs of a malicious software attack or data breach.
Get the Franchise Insurance You Need, Today
Choosing the types and amounts of insurance you need to remain compliant with your franchise agreement while protecting your business can be challenging. Contact Waymon Lynch Insurance Agency today for help choosing the franchise insurance you need.