What is the minimum Cyber Liability Insurance coverage per occurrence required for a Byrider franchise?
Byrider Franchise · 2025 FDDAnswer from 2025 FDD Document
-(vi) Cyber Liability Insurance: not less than $1,000,000 per occurrence.
Byrider Franchising Partners also recommends, but does not require, that you purchase an umbrella policy in the amount of $1,000,000 over and above all liability coverage.
Source: Item 8 — Restrictions on Sources of Products and Services (FDD pages 36–40)
What This Means (2025 FDD)
According to Byrider's 2025 Franchise Disclosure Document, franchisees must maintain Cyber Liability Insurance with a minimum coverage of $1,000,000 per occurrence. This insurance is in addition to other required coverage such as Garage Liability Insurance, Worker's Compensation, and Truth-in-Lending Act Insurance. Byrider Franchising Partners must be named as an additional insured on all required insurance policies.
Franchisees are responsible for ensuring that their insurance policies cover all obligations assumed under the Franchise Agreement and indemnify Byrider Franchising Partners accordingly. Furthermore, Byrider requires that it receives at least 30 days' written notice before any changes are made to the insurance policies, such as reductions in coverage limits or cancellations.
While Byrider mandates specific insurance coverage, it also recommends additional coverage, such as an umbrella policy with $1,000,000 coverage. Franchisees should carefully review all required and recommended insurance coverages with their insurance provider to ensure they are adequately protected against potential liabilities and risks associated with operating a Byrider franchise.