Choosing franchise insurance can feel overwhelming. Workers’ compensation, business auto, property, liability, business interruption, cyber liability, umbrella liability—it can seem that there are endless insurance policies offered to your business. But which policies do you actually need?

When buying your business insurance, it can be helpful to follow these guidelines to ensure you have the coverage you need and nothing more:

  1. Check your franchise insurance requirements
  2. Evaluate your business risks
  3. Learn about the available policies
  4. Consider expenses and what you can afford

Choosing Franchise Insurance — Check Franchise Requirements

If your business is part of a franchise organization, there are likely policy and limit requirements or recommendations in place.

Your franchise organization may also work with a preferred insurance partner or offer their own policies to franchisees. Lockton Affinity is the preferred insurance partner for Puroclean franchisees, and we offer the coverage to meet your requirements.

Choosing Franchise Insurance — Evaluate Business Risk

There are types of insurance your business just won’t need. For example, if your business operates in the Midwest, you don’t need hurricane coverage, but you may need flood insurance. If you have employees who drive their own vehicles on behalf of your business, you may need Hired and Non-Owned Auto coverage.

  • List your risks. Brainstorm scenarios that could happen at your business and how you would respond in such an event.
  • Estimate the impact. If an event occurred, how would it affect your business? Could you pay for a lawsuit or settlement without insurance?
  • Check industry trends. Are cyber criminals attacking businesses like yours? Is your property worth more money than it was?
  • Work with an insurance representative to evaluate your business’s exact risks.

Choosing Franchise Insurance — Learn about Policies

While insurance may not be the most fun topic to study up on, having a basic knowledge of coverage, limits, deductibles, rates and more can help you in the insurance buying process.

  • Look for information from reputable sources
  • Research various policies from a handful of companies
  • Talk to fellow franchise owners to learn what has and has not worked for them

In addition to learning about policies, you should also research various insurance companies and their carrier partners. Look for a company with solid financials, a high A.M. Best Company rating and experience in your industry. You want to make sure the insurance company you pick will be able to stand behind its policy if you need to make a claim.

Choosing Franchise Insurance — Consider Cost

Before you decide to buy or skip a certain policy, it can be helpful to look at ways to save:

  • Get quotes from several insurance companies
  • Consider bundling multiple policies with a company to save
  • Select a lower limit versus skipping the policy altogether
  • Ensure the policy has the right level of coverage for the price

Insurance for your Franchise from Lockton Affinity

With guidance and insurance coverage from Lockton Affinity, you can buy the policies you need and feel confident in having the right coverage to protect your business.

Contact Lockton Affinity’s dedicated insurance representatives today at (844) 456-1518 to get started. They’ll be happy to talk through your risks and insurance needs.