What is the minimum amount of coverage a Baya Bar franchisee must have for employer's liability insurance?
Baya_Bar Franchise · 2024 FDDAnswer from 2024 FDD Document
personal injury, advertising injury, and products liability coverage in the amount of at least One Million Dollars ($1,000,000) per occurrence and
Two Million ($2,000,000) aggregate;
- 15.1.2 Employment. Worker's compensation coverage in the limits required by state law and employer's liability insurance in the amount of One Hundred Thousand Dollars ($1
Source: Item 22 — CONTRACTS (FDD page 56)
What This Means (2024 FDD)
According to the 2024 Baya Bar Franchise Disclosure Document, franchisees are required to maintain worker's compensation coverage in accordance with state law. In addition to worker's compensation, Baya Bar franchisees must also carry employer's liability insurance with a minimum coverage of $100,000 per accident. This insurance coverage must be in place for all of the franchisee's employees.
This requirement ensures that Baya Bar franchisees have adequate financial protection in the event of employee injuries or accidents occurring in the workplace. The franchisee is responsible for securing and maintaining these insurance policies throughout the term of the Franchise Agreement.
It is important to note that Baya Bar can increase the minimum insurance requirements or add additional types of insurance coverage as deemed necessary. Franchisees are obligated to comply with these changes and provide proof of updated coverage to Baya Bar within thirty days of the new requirements. Franchisees should consult with an insurance professional to ensure they obtain adequate coverage to meet these requirements and to protect their business from potential liabilities.