Improved Insurance Coverage
Fast Casual Restaurant Franchise
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.
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