What is the minimum policy limit for employer's liability insurance coverage for a Crawlspace Medic franchise?
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 limits. The policy must cover at least $100,000 for each accident, $100,000 for each employee, and have a $500,000 policy limit.
This insurance protects Crawlspace Medic franchisees from financial losses if an employee is injured or becomes ill due to their work. The coverage helps pay for medical expenses, lost wages, and potential legal fees. Maintaining the required insurance coverage is a condition of the franchise agreement, and failure to do so could result in penalties or termination of the agreement.
It is important to note that Crawlspace Medic may specify additional coverage or higher policy limits in the Manual or in writing. Franchisees should consult with an insurance professional to ensure they obtain adequate coverage that meets all requirements outlined in the Franchise Agreement and any additional requirements set by Crawlspace Medic.