International broker Hub International Limited (HUB) has launched a new offering aimed at assisting franchisors and franchisees in the US and those with cross-border operations in Canada.
HUB Franchise Insurance Solutions acts as an all-in-one platform for the multi-industry franchising sector to efficiently manage insurance needs, review competitive pricing, and ensure compliance.
It provides users with a comprehensive overview of insurance options, competitive pricing comparisons, and a convenient way to monitor insurance certificates. Automated alerts are also implemented to notify franchisees when it’s time to renew insurance policies or if they fall out of compliance.
Moreover, the platform provides users with claims notifications and live agent support via both phone and live chat.
“Maintaining insurance is complex in franchising, especially for multi-unit operators,” said Chris Treanor, HUB president of programs and specialties. "As additional locations open, the franchisors typically lack the tools to track insurance compliance while the franchisees may set up an insurance program that lacks structure – under-insured in some locations, over-insured on others, navigating many different expiration dates and paying more than they should.”
In the highly regulated franchising industry, compliance extends beyond federal laws to encompass state-level franchise regulations. Both franchisors and franchisees must ensure compliance not only in their home state but also in states where their franchises are located.
A press release from HUB said its new offering addresses these complexities and helps clients understand the varying state requirements, ensuring that they are adequately insured in each location.
“Our solutions help to navigate these complexities offering not only best coverage and pricing for the franchisees while maintaining contractual compliance for the franchisor,” said Treanor.
HUB entered into an agreement with Los Angeles-based Leonard Green & Partners in May. It is set to receive a substantial minority investment from funds managed by the private equity firm.
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