Are Pearce Bespoke franchisees required to purchase money and securities insurance?

According to Pearce Bespoke's 2025 Franchise Disclosure Document, franchisees are required to purchase and maintain several types of insurance. These include comprehensive general liability insurance with a minimum of $1,000,000 per occurrence and $2,000,000 in the aggregate, business interruption insurance, business personal property insurance, money and securities insurance, and building insurance (if applicable). Franchisees must also maintain any other insurance as may be required under law.

This requirement ensures that both the franchisee and Pearce Bespoke are protected from potential financial losses due to various unforeseen circumstances. The general liability insurance covers damages or injuries, while business interruption insurance can help offset losses if the business is temporarily shut down. Money and securities insurance specifically protects against losses of cash and valuable documents. Building insurance would be necessary if the franchisee owns the physical location of their Pearce Bespoke franchise.

The franchisee is responsible for covering the costs of all these insurance policies. It is common practice in franchising for franchisees to maintain various insurance policies to protect the business, the franchisor, and themselves from potential liabilities and losses. Prospective franchisees should factor these insurance costs into their overall investment and operating expenses.

It is important for prospective Pearce Bespoke franchisees to fully understand the specific insurance requirements and to obtain quotes from multiple insurance providers to ensure they are getting the best coverage at a competitive price. Franchisees should also consult with an insurance professional to determine if any additional coverage is needed based on their specific circumstances and location.