Storms, floods and hurricanes are common summer weather events that pose a serious threat to your Elevanta 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. [...]
Franchise businesses face many risks — physical damage to property, liability for customer injuries, employee injuries, cyber attacks and more. While insurance exists to protect your business against the costs of these types of incidents, your organization can also do a lot to help prevent them in the first place. These four simple risk management [...]
While this month is National Fire Prevention Month, fire safety should be top of mind for business owners throughout the year. In 2022 alone, non-residential structure fires reported to fire departments resulted in 1,400 injuries, 150 deaths and over $4 billion in property damage according to the National Fire Protection Association. However, many fires that [...]
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 [...]
Originally published June 29, 2021. Last updated June 14, 2024. Restaurant customers often order a combo meal, since it has everything most people need—entree, side and drink. Packaging a burger, fries and a soda into a combo meal makes a lot of sense, and it's similar to how a Business Owners Policy (BOP) works in [...]
Working at a franchise can be physically and emotionally demanding. Compared to other industries, occupational injury risk is high. In fact, the U.S. Bureau of Labor Statistics states that workers in food services had higher rates of injuries like sprains, strains, tears, cuts, lacerations, punctures and thermal burns, compared to all workers. While physical injuries [...]
Inflation has slowed significantly since June of 2022, when inflation hit a 40-year high in the U.S. According to the US Bureau of Labor Statistics (BLS), the average annual inflation rate is down from 8.0% in 2022 to 4.1% in 2023, with 3.0% expected in 2024. Though inflation is trending down, consumers and businesses may [...]
Hiring and retaining quality employees has long been a challenge in the industry, as recruiting resources can be low and finding the time for the process can be tricky. Increasing minimum wage and a competitive job market has made things even harder, with many companies responding by changing how they hire. But doing so carefully [...]