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Business Insurance

Protect your business from the real, the hypothetical, and everything in between.
Your franchise agreement might outline insurance requirements, but that's not all the protection you need. From workers' comp to general liability, insurance coverage helps you comply with state laws and rental agreements. It also defends your business against costly accidents and injuries.

When to get insured

To keep things simple, Franchisees should setup their insurance at 2 separate stages of their onboarding roadmap:
At the time of your loan funding. Your bank will want to see the business is adequately insured.
Insurance products required and recommended at this stage:
Term Life Insurance for each owner for the original loan amount. This policy ensures that the loan will be paid off in the event of the borrower's death, reducing the risk for the lender.
Builder’s Risk Insurance- this is much more affordable coverage for your buildout. This coverage insures you from potential liabilities through the course of your buildout.
Prior to starting the hiring process.
Insurance products to setup at this stage:
Business Owners Policy
Workers Compensation
Commercial Umbrella Policy
Commercial Auto (setup coverage once company vehicle has been purchased)

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CoverPanda can help you navigate shop for these various products across multiple carriers. Helping you understand the protections you need and when you need them.

Which type of insurance

There are basic coverages that are necessities from the start:
General liability
Cyber liability
Errors and omissions
Directors and officers insurance.
Your company's need for different types of insurance will change as you grow. For example, you'll need commercial property insurance when you rent a storefront. And you'll need worker's compensation insurance as soon as you have your first employee. Expanding internationally? You'll need foreign liability insurance

How to setup your insurance

Submit
insurance application
⁠
in 5-minutes
Select insurance coverages and provide general business details so we can tailor quotes to your needs
Review proposal & Sign policy
Onboard your new coverage & update 3rd parties on active coverage automatically

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👉 Next up:
Bookkeeping
⁠
section!

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When to get insured
Which type of insurance
How to setup your insurance
👉 Next up: Bookkeeping section!
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