Maintaining compliance within a franchise system is one of the most foundational and proactive things a brand can do to protect themselves. However, when it comes to insurance, maintaining compliance can be a daunting undertaking. So daunting in fact, many franchisors act reactively, rather than proactively, opening themselves up to significant risk. A discerning franchisor will outsource this arduous burden to dedicated insurance professionals.
The amount of time and resources internal risk management requires is often cost prohibitive. Collecting certificates, validating proper coverage amounts, coverage dates and additional insured endorsements, all require a great deal of follow up. Because insurance policies renew annually, and at non-standard times, this task is perpetually ongoing.
Your employees are not insurance experts, leaving the brand at an increased risk should a critical gap in coverage or other important detail go unnoticed. Outsourcing your insurance compliance to an insurance expert, such as EZ CERT, frees your employees up to work on more productive tasks while at the same time minimizing mistakes. Insurance experts can provide accurate, consistent, and timely document tracking. The insurance industry is heavily regulated and ever changing, having someone on your side who is well versed in this area is invaluable.
Transferring risk is an effective risk management technique. By outsourcing insurance compliance, you are transferring some risk. Insurance experts are required to have errors and omissions insurance coverage, a form of professional liability insurance. This protects their professional advice, in turn reducing your risk should a disputed error arise.
Outsourcing compliance also helps the franchisee and franchisor relationship. Serving as a middle-man, EZ CERT, with their team of insurance experts, is able to offer on the spot insurance solutions to franchisees, which is a value adding resource. By leveraging their purchasing power in the insurance market place, EZ CERT is well positioned to offer the most comprehensive and cost-effective insurance solutions with a high-level of customer service to your franchisees.
With over 30 years of experience in the insurance industry and licensing in all 50 states, EZ CERT offers flexibility and customization that helps your brand stay ahead of the curve and act proactively in the area of insurance compliance.