What are the minimum coverage amounts for Employer's Liability insurance for a Crawlspace Medic franchise regarding each accident, each employee, and the policy limit?
Crawlspace_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
not less than Three Hundred Thousand Dollars ($300,000) per occurrence. Such insurance shall include under-insured and uninsured motorist coverage as required by state law.
- 15.1.4. Em
Source: Item 22 — CONTRACTS (FDD page 42)
What This Means (2024 FDD)
According to the 2024 Crawlspace Medic Franchise Disclosure Document, franchisees must maintain Employer's Liability insurance with specific minimum coverage amounts. The minimum coverage required is $100,000 for each accident, $100,000 for each employee, and a $500,000 policy limit.
It is important to note that Crawlspace Medic may reasonably specify additional coverage and higher policy limits in the Manual or in writing from time to time. Franchisees are responsible for ensuring they have the required insurance coverage prior to commencing operations and maintaining it throughout the term of the Franchise Agreement.
Compliance with these insurance requirements is crucial, as failure to maintain adequate coverage could result in a breach of the Franchise Agreement. Franchisees should consult with an insurance professional to ensure they obtain the appropriate coverage to meet Crawlspace Medic's requirements and to protect their business from potential liabilities.