What is the minimum Cyber Liability Insurance limit per occurrence required for a Byrider franchise?

According to Byrider's 2025 Franchise Disclosure Document, franchisees must maintain Cyber Liability Insurance with a minimum limit of $1,000,000 per occurrence. This insurance protects both the franchisee and Byrider Franchising Partners against potential financial losses resulting from cyber incidents.

In addition to Cyber Liability Insurance, Byrider requires franchisees to maintain several other types of insurance, including Garage Liability Insurance with a $1,000,000 limit per occurrence, State Required Worker's Compensation and Employer's Liability Insurance, Unemployment Insurance, Truth-in-Lending Act Insurance of not less than $300,000, and All Risks Coverage Insurance. Byrider Franchising Partners also recommends franchisees purchase an umbrella policy in the amount of $1,000,000 over and above all liability coverage, as well as vehicle Title Errors and Omissions Coverage, Federal Odometer Coverage, Equal Credit Opportunity Act and Deceptive Sales Practices Coverage in the amount of $1,000,000 for each policy.

Byrider Franchising Partners must be named as an additional insured on all required insurance policies, and the policies must cover all obligations assumed by the franchisee under the Franchise Agreement. Franchisees must also ensure that Byrider Franchising Partners receives at least 30 days' written notice before any policy limits are reduced, coverage is restricted, or the policy is canceled or altered. These insurance requirements are in place to protect Byrider, its franchisees, and their customers from various insurable risks and liabilities.