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
What should my business do with excess cash?

What to do with excess cash in a business?

If I have extra cash from my business thriving what should I do with the cash? As with most good answers, it …

Entrepreneur Accounting Mistakes

5 Basic Accounting Principles Most Entrepreneurs Get Wrong

For most entrepreneurs, fast growth is the ultimate goal. Many start off with a great idea, hobby, side hustle, or like a …

Personal Trainer for your Business

Virtual CFO Services: The First Thing Your Virtual CFO Service Should Do For Your Business

Written by Jeff Heybruck and Megan Stanton Congratulations! You are a small business owner and have taken the first step and started …