The team at Blue Lion Insurance Advisors, LLC, understands the unique needs of franchisors and franchisees in New Jersey. Because our insurance advisors are not affiliated with a particular provider, we put your needs first when creating a customized insurance policy. We are well-versed in the types of coverage that franchisees may require and can provide helpful insights based on your industry and business type. Learn more about franchise business insurance and the kinds of coverage your establishment may need.
What Is a Franchisee?
Franchising is the practice of selling products or services under a specific brand name or trademark. The franchisor is the party who establishes the brand. The franchisee is the party with the right to do business under the franchisor’s name.
Under this business model, the two parties enter into an agreement in which the franchisor pays the franchisor for this right. The franchisor may offer physical infrastructure, equipment, training, or other types of support. In turn, the franchisee hands over a portion of their profits to the franchisor in the form of royalties. The franchisee may also owe an initial fee upon signing the franchising agreement.
What Is Franchise Insurance?
In a franchising agreement, both the franchisor and franchisee take on risks. To protect their business interests, they should have coverage against legal liability, loss of assets, or other issues that could interrupt their regular business operations or damage their reputation. That is why it is so important for both parties to have comprehensive business insurance. While there is no one-size-fits-all policy, franchise insurance can often include:
- General liability insurance: This is a standard type of commercial insurance coverage offering protection against liability for bodily injury, property damage, and other common accidents.
- Workers’ compensation: Required in most workplaces, this insurance policy provides benefits to employees who get hurt or sick while on the job.
- Business property insurance: This type of policy protects your franchise from property damage that occurs as a result of fires, water damage, or even theft.
- Equipment insurance: A franchise that depends on different equipment systems may need this coverage to safeguard against breakdowns, failures, or equipment damage.
- Commercial auto insurance: Franchises that require company vehicles should have coverage against damage caused by an accident, as well as employees’ medical bills.
- Cybersecurity insurance: Franchises may also need coverage against data breaches, malware, and other types of cyber attacks.
Types of Businesses We Serve
Our insurance advisors can create tailored policies that are designed with your industry’s unique needs in mind. We serve a wide range of franchise types, including:
- Health and Wellness Businesses
- And much more!
A Dedicated Team of Advisors
Blue Lion Insurance Advisors, LLC, is the best choice for small businesses and franchisees throughout NJ and the surrounding area. We work with many leading insurance carriers and are dedicated to bringing you the Right Insurance Coverage, at the Right Price with Superior Client Service. Our advisors are proactive and responsive, always on hand to answer any questions you may have about your coverage. We are here as a long-term partner, helping you adapt to changes in your industry and your company’s business insurance needs.
Find Franchise Insurance Coverage in NJ
Franchisees in need of comprehensive coverage can count on the team at Blue Lion Insurance Advisors, LLC. We take a collaborative approach to finding you the right franchise insurance coverage, reviewing your goals, business practices, risk factors, and coverage gaps. Blue Lion Insurance Advisors, LLC, serves businesses throughout NJ. In addition to franchise insurance, we offer many different types of commercial coverage, such as:
- General liability insurance
- Business property insurance
- Cyber security insurance
- Directors and officers insurance (D&O)
- Employment practices liability insurance (EPLI)
- Inland marine insurance