Improved Insurance Coverage

Fast Casual Restaurant Franchise

Improved Insurance Coverage

The Situation

  • Fanchisor was named in a lawsuit for the actions of a franchisee.
  • Franchisor did not have insurance coverage to protect against the claim named in the lawsuit.
  • Insurance agent was not providing value, shopping policies or making recommendations as to improving coverage or eliminating gaps.

The Solution

  • Worked in conjunction with legal team and Franchise Business Coaches to successfully limit liability and extricate franchisor from the lawsuit. Cost about $10-20K in legal fees.
  • Interviewed 3 insurance agents to better understand the coverages and policies the client should have maintained and what the cost should be.

The Results

  • Obtained much better service, significantly higher limits, and added both Cyber Crime and Employer Practice Liability insurance coverage for less than the previous agent's premiums.
  • Worked with client staff to revise training manuals and policies to specifically target and reduce opportunities for similar lawsuits in the future regardless of insurance coverage or not.

Leading Confidently

means having a plan

Become a Success Story
Recent Articles
Happy Franchisee

5 Things Every Franchisee Should Know

Written by Kurt Dyck Many small business owners decide to buy into a franchise system rather than start a business from scratch, …

CFO Services for Small Business: Do You Need Them?

By: Jeff Heybruck CFO. You may have traditionally thought this executive-level role reserved for only larger businesses. But now that your business …

How Do I Clean Up My Chart of Accounts?

Written by: Amber Heintz What is the importance of the Chart of Accounts? You may have heard from your CPA, CFO or …