WHAT’S YOUR INSURANCE POLICY?
Wise up to the need to be properly insured as a mobile franchisee. Tips from BizCover.
Essentials to know before you buy a mobile franchise.
The opportunity to run your own business is exciting. It brings the freedom to be your own boss and the chance to pursue a c areer you have a passion for. Along with the freedom, there is also the attraction of taking your business out of the traditional office, worksite or salon-based settings, with many businesses going mobile. But before you hit the road, there are a few things you need to consider about protecting your mobile franchise business.
BACK TO BASICS
While there isn’t a one size fits all policy for all businesses, there are some basic forms of protection you will need to consider. Public liability, one of the most common forms of insurance, covers legal fees and compensation costs if a third party sues you for injury or damage to their property as a result of your alleged negligent business activity. If you carry stock and equipment with you, then contents and portable equipment cover is also something to consider.
WHAT’S REQUIRED?
Take the time to check if your industry has any mandatory insurance requirements or minimum levels of insurance cover required, before you start doing business. For those providing professional advice and services, professional indemnity could be a required type of insurance.
Remember, business insurance will not provide cover for your business motor vehicle or claims arising from the use of a motor vehicle.
BUDGETING
Factor in the annual/monthly cost of your insurance premium as part of your overall business budget. Be aware of any excess payable in the event you need to make an insurance claim.
MORE THAN THE BASICS
As you find out more about your franchise business, you may discover there are more elements of risk that your business may be exposed to, than first planned. Understand the different kinds of insurance products available (business interruption, personal accident and illness, etc.) and make sure you and your business have adequate levels of insurance cover in place so you can keep on moving even if a disaster were to strike.