What is the required property insurance amount per Southern Steer Business location?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
nted to You Limit $ 100,000 Any One Premises
Medical Expense Limit $ 5,000 Any One Person
Workers Compensation:
Bodily Injury by Accident: $100,000 Each Accident Bodily Injury by Disease: $ 500,000 Policy Limi
Source: Item 8 — ITEM. 8 RESTRICTIONS ON SOURCES OF PRODUCTS AND SERVICES (FDD pages 21–24)
What This Means (2025 FDD)
According to Southern Steer's 2025 Franchise Disclosure Document, franchisees are required to maintain property insurance coverage of $135,000 per Southern Steer Business location. This is just one component of the overall insurance requirements, which also include general and liquor liability insurance, and workers compensation. Southern Steer may periodically adjust these required policy amounts.
It is important to note that Southern Steer requires franchisees to name Southern Steer and its affiliates as additional insureds on these policies. This protects Southern Steer from potential liabilities arising from the franchisee's operations. Franchisees must furnish Southern Steer with copies of all insurance policies annually, and whenever there is a change to the policy or coverage.
Prospective franchisees should factor the cost of these insurance policies into their overall business plan. Insurance costs can vary depending on location, claims history, and other factors. It is advisable to obtain quotes from multiple insurance providers to ensure competitive rates and adequate coverage. Additionally, franchisees should be aware that Southern Steer has the right to modify the required insurance coverage amounts and policies periodically, which could impact future insurance expenses.