Most franchisors require specific types and limits of insurance coverage as part of the franchise agreement; which are set out in the Franchise Disclosure Document (FDD). Compliance with these requirements is necessary for maintaining the franchise relationship and ensuring alignment with the franchisor’s risk management standards.
The right insurance provider should give you peace of mind while offering competitive pricing without compromising on coverage. You have more options than ever when it comes to purchasing insurance, but a few questions can help you select the right provider for your business.
Qualify Your Insurance Provider
You don’t have to spend hours talking about insurance when you have an experienced business insurance provider that is familiar with your franchise. They assess risks accurately, recommend appropriate coverage limits and types, and provide endorsements that enhance protection based on industry-specific risks. Here are a few questions you can ask to help you determine if the insurance provider is the right fit for your business:
- How many organizations like mine do you currently insure?
- What does your process look like for analyzing my coverage and risk management needs?
- How does the claims process work?
- Who will handle our claims, and how well do they understand our specific claim types?
Determine Ease of Doing Business
Insurance should work for you, and not against you. Accessing coverage information, claim status, and premium payment information should be at your fingertips. Clear communication channels, whether through phone, email, or online portals, allow business owners to get quick responses and resolve issues promptly. A few questions you can ask to get a better feel on a provider’s customer service standards:
- What does the renewal process look like?
- Who would be my primary point of contact for daily requests?
- How will I access policy information?
- Do you solicit feedback from your customers to improve your business or product?
Why Intrepid Direct
Intrepid Direct Insurance partners directly with franchise owners, eliminating the need for brokers or agents. This direct approach allows you to benefit from no agent commissions, often saving you up to 20%. With expertise in business insurance for franchise businesses, Intrepid Direct insures thousands of business locations nationwide. Intrepid Direct handles claims, service, and underwriting all on one team providing a simplified insurance experience.
