Managing franchise risk is key in today’s quick-to-sue culture. Problems with customers and employees are not uncommon and can result in claimed damages and injuries for which the franchisee is often blamed. Lawsuits that follow can take years to resolve, even when the franchisee is ultimately found not at fault. It may seem daunting to [...]
Some risk is normal when you’re a business owner. The challenge is what to do about it. Fully assessing what your risks are, what aspects of your business could be affected and what to do about each exposure can be a big job. But the right process makes tackling risk easy. A risk assessment is [...]
It’s rare in this day and age to have your call answered by a real person, even more so if they’re knowledgeable about your industry risks and have real solutions that make a difference for your business. But that’s what you’ll find when you work with Lockton Affinity for insuring your franchise. Here are the [...]
Cyber insurance has come a long way since the first coverages were added to other policy forms in the 1990s. Traditionally, cyber coverages were only considered necessary in the technology industry — or for those providing technology-related professional services. In the digital age, the growth of cyber risk exposures across all industries has led to [...]
Storms, floods and hurricanes are common summer weather events that pose a serious threat to your IDQ franchise business. Commercial damage alone totals about $9 billion a year. The risks are heightened if your business is in an area prone to severe storms, vulnerable to flash floods or located along the coast. Weather risks are [...]
Exposure to even a small amount of water can quickly result in damage to your franchise’s property. For insurers, water damage is one of the most common types of property claims, initiating somewhere between 15% and 50% of commercial property loss claims and resulting in bills from $10,000 to more than $1 million, depending on [...]
What challenges will franchise owners most likely face in 2025? Many industry experts say to expect continuing challenges involving inflation and food prices, while others speculate employment and worker wages will be areas of concern. When it comes to navigating these challenges and protecting your business, insurance and risk management can play a key role. [...]
Originally published July 14, 2020. Last updated July 30, 2024. Have a question about your insurance? You’re not alone. Choosing the right insurance for your business is one of the most important decisions you’ll make for it. Business coverage options are generally more complex than many non-business coverages, which can add to the confusion if [...]
Business insurance may seem cut and dry, so why the variance in rates from provider to provider? There are many factors that contribute to insurance rates, including coverage and limit options, claim frequency and more. Factors that Cause Business Insurance Rates to Vary Insurance policies and their rates vary from company to company. While you [...]
Understanding the inner workings of how an insurance policy is written and managed can be helpful whether you're shopping for new insurance or already have coverage in place. In this blog, we'll walk you through the process your Lockton Affinity policy goes through to give you an idea of what to expect. From the moment [...]