What are the required limits for each occurrence for Fitstop's Business Automobile Liability insurance, including owned, hired, and non-owned automobile insurance?

According to Fitstop's 2024 Franchise Disclosure Document, franchisees are required to maintain Business Automobile Liability insurance with a limit of $1,000,000 per occurrence. This insurance must cover owned, hired, and non-owned automobiles.

This requirement means that a Fitstop franchisee must secure an insurance policy that protects the business against liability claims arising from vehicle accidents, regardless of whether the vehicles are owned by the business, leased, or used by employees for business purposes. The $1,000,000 per occurrence limit specifies the maximum amount the insurance company will pay for a single incident.

It is important for prospective Fitstop franchisees to factor in the cost of this insurance when evaluating the financial feasibility of the franchise. They should consult with insurance professionals to obtain quotes and ensure they understand the terms and conditions of the required coverage. Additionally, franchisees should be aware that Fitstop may increase the required insurance limits or add new types of coverage in the future, as dictated by federal, state, and local laws or the franchise agreement itself.