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hi I'm Tim Feddersen with the franchise division of gas bar insurance services today I'd like to talk to you about your franchise agreement and specifically the insurance requirements one of my favorite parts of my job is helping franchisors and franchisees alike protect their investment and protect their businesses that they've worked so hard to grow the first place to start is general liability general liability recover somewhere to find you liable for something that happened on your premise or because of your product most policies cover $1,000,000 per claim in two million dollars aggregate meaning they'll cover up to 1 million dollars per suit and 2 million dollars within a 12-month policy span for some of our clients we are recommending 2 million dollars per claim and four million dollars aggregate there's really not a huge price difference and it could be great if there was a serious injury that took place on your premises every business should have some sort of auto coverage if you're a man in a van concept or your business has traditional vehicles you absolutely want to have auto insurance as a franchisee insurance requirement we recommend a million dollars of coverage and a million dollars of uninsured motorist coverage to protect your team and your franchisees if you have a brick and mortar concept that doesn't typically have vehicles you want to make sure that you have hired and on owned auto coverage so perfect example is let's say one of your franchisees is out of town and their shift lead needs to go to the bank or go run somewhere and get supplies we want to make sure that you're covered and if that shift lead does get into an incident and they try to come after the franchisee or the franchisor that we have you covered next let's talk about property insurance if you have a traditional brick and mortar concept we want to make sure we're covering tenant improvements as well as business personal property two key things I want to highlight on property coverage are one making sure that we're using the words insured to value to make sure that we're properly covering what it would be to replace our build-out and two I want to make sure that we're always including business interruption coverage so if there is a fire and our location is going to be down for six months while they rebuild we want to make sure that everybody's getting paid in that six months with business interruption coverage now if you have a man in a van concept your your equipments constantly moving let me know and we can go a little bit deeper into inland marine coverage we want to make sure that it's to cover your equipment regardless of whether it gets damaged or stolen or anything happens at one your premises or - at a client's home another very valuable asset to your franchise is your employees the best way to cover them is with strong worker's comp policy I'm a big team guy so I believe and want to protect your teammates workers comp is gonna cover if any of your employees get hurt on the job the biggest thing you want to make sure from a franchise agreement standpoint is that you're mandating in their one specific limits or two specifically stating that it needs to meet your state's minimum insurance requirement some more mature brands are requiring umbrella policies EPLI coverage and cyber coverage in their franchise agreements no umbrella policy sits over your liability policy and it covers additional if costs go over that $1,000,000 that we initially talked about so some Falls and slips wants to sue you for 1.5 million general liability policy and pick up the first million and your umbrella would pick up that next 500,000 EPLI coverage stands for Employment Practices liability insurance this covers harassment discrimination wrongful termination and it does include sexual harassment which is a very hot topic right now lastly we recommend cyber coverage which is going to cover if a hacker comes in and one walks down your computer system to steal your clients or customers identities or three your system crashes for the day we want to make sure you have coverage against as many perils as possible and as many challenges as possible that's why we recommend those three additional coverages thank you so much for watching I tried to make insurance as exciting as possible I would love to do a free risk analysis for any franchise that has any questions or concerns about how to best grow and handle their wrists properly I'd love to connect with you thank you so much for watching