What is the estimated low and high cost for insurance for a Fly Fitness franchise?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
AL INVESTMENT**
Single Unit:
| Type of Expenditure | Low | High | Method of Payment | When Due | To Whom Payment is Made |
|---|---|---|---|---|---|
| Initial Franchise Fee1 | $50,000 | $50,000 | Lump sum payment in cash or |
Source: Item 7 — ESTIMATED INITIAL INVESTMENT (FDD pages 14–18)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the estimated cost for insurance ranges from $2,675 to $4,350. This figure represents the first quarterly premium for the minimum required insurance coverage. Fly Fitness franchisees must secure and maintain the insurance coverage that Fly Fitness specifies before opening their business. The payment is made to the insurer before opening the franchise.
Insurance costs can vary significantly depending on the location. Fly Fitness retains the right to mandate additional types of insurance and coverage as detailed in the Franchise Agreement.
Prospective franchisees should factor these costs into their initial investment and ongoing operational expenses. It is important to consult with insurance providers to obtain accurate quotes specific to their location and business needs, ensuring they meet Fly Fitness's requirements and adequately protect their investment.