Automating Franchisor COI Tracking – Manage Risk & Protect Your Brand
Automating Franchisor Certificate of Insurance (COI): How it improves tracking to manage risk, reduces vicarious liability & protects your brand
Franchisors are facing vicarious liability claims at an increasing rate. These claims may occur at a franchisee’s location, but require involvement from the franchisor due to lack of proper insurance coverage of the franchisee. Managing franchisee compliance to the system insurance requirements and tracking franchisee COIs is a critical component to protecting the brand. But as a franchisor, how do you ensure you’re doing it well?
In this webcast, Marsh & McLennan Agency’s Franchise Risk Management Practice Leader, Doug Imholte, we will describe how some franchisors have turned COI management into a true risk management function. We will provide a best practice overview on the importance of proper franchisee insurance requirements, and, ultimately, the importance of tracking to maintain compliance. Automating this process for efficiency is the best course of action. We’ll talk through examples of vastly improved visibility into COI data and status, the use of automation to relieve the management burden, how decision-making tools are helping insureds remove barriers to participation and getting them to “yes,” and how all of this can come together to optimize your effort and spend.
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