What are the required commercial general liability insurance coverage amounts for a Management Recruiters franchise, including bodily injury and property damage liability?

According to Management Recruiters's 2024 Franchise Disclosure Document, franchisees are required to maintain commercial general liability insurance. This insurance must include coverage for bodily injury and property damage liability for premises and operations, contractual liability, and personal injury liability. If applicable, it should also include stop gap coverage.

The minimum coverage required for each occurrence is $1,000,000.00, with an annual aggregate of $2,000,000.00. This means that for any single incident, the insurance will cover up to $1,000,000.00 in damages, and the total coverage available for all incidents in a year is $2,000,000.00.

In addition to commercial general liability insurance, Management Recruiters franchisees must also maintain other types of insurance, including business automobile liability (if the franchisee owns a vehicle), workers' compensation, employer's liability, and property insurance. The specific requirements for these other insurance types are detailed in the FDD. Franchisees should carefully review all insurance requirements to ensure they have adequate coverage to protect their business.

The FDD also states that Management Recruiters may require additional types and limits of insurance from time to time, or as required by applicable law. It is important for prospective franchisees to stay informed about any changes to insurance requirements to remain compliant with the franchise agreement.