First things first
Before Franchisors partner with Rikor, it's important to go through a few steps to ensure success. These are vital to establishing a partnership to ensure the franchisor receives the most value from the relationship. The franchisee will also greatly benefit from these initial steps, making their insurance experience easier, simpler, and more accurate. If these haven't been completed yet, be sure to work with Rikor to finish them first before getting started with anything else. To start we should already have the following on file:
- Current FDD version
- Update to date Ops Manual
- Sample Franchise Agreement
FDD Insurance Analysis
The FDD Insurance Analysis is an important first step to establishing the partnership. This is a thorough 14-step where we review things like the below:
- Operations
- Item 7
- Item 19
- Insurance Requirements
- Operations Manual
- And more….
After the review is completed with the executive team that owns this process, Rikor will provide several suggestions. These suggestions may require updates to the FDD, FA and or the Operating Manual. We will provide an updated FDD Insurance clause. Be sure to have legal review to make any modifications they see fit. Remember, this is for the franchise brand to protect the brand from unintentional exposure and reputational harm and to protect the franchisee's investment. Both the franchise and Rikor need to be aligned in this effort.
Be sure this has been completed in its entirety before moving forward.
Risk Profile
The Risk Profile is where we establish the following, among other items:
- Main point of contact
- Type of FMS (franchise management system) or where the existing zee data is managed
- Item 7
- Item 19
- Classifications
This process is important to ensure continuity for all franchisees. Our goal is to reduce the friction for franchisees and directors of operations. That process starts in the very beginning.
New Zee Profile
The New Zee Profile is where we establish the average annual estimates for several types of exposures, including but not limited to gross revenue, payroll, property, and or equipment.
This ensures each franchisee has an improved onboarding experience. Rest assured, we reassess each franchisee every 6 months to verify that the information we either estimated or they gave us is still accurate. The franchisees must respond to these inquiries to avoid large year-end audits.
Risk Questions
Our team will have questions regarding the operations of the franchise brand, we'll need answers before onboarding franchisees. This will improve the insurance purchasing process for the franchisees, reducing the effort it takes on their end.
All of the above need to be completed before moving forward to ensure the best possible experience and adoption.
Risk Management Material
To improve the franchisee insurance quote experience we ask for all risk management material. This is used in negotiations at the brand level with our insurance carrier partners. Some material may include the following:
- Risk Management Program
- Safety Programs
- Employee Handbook
During the onboarding experience, our team will reach out to you to gather this information.
We Want to Hear From You
We’re listening, if you don’t tell us, then we don’t know. If at any point you need a resolution to a problem whether it be at the franchisor level or for your franchisees, we want to hear from you. We've created a process specifically for our franchisor clients to give us direct feedback at their convenience. Please do not distribute this to the franchisees as we have other methods of collecting feedback from them.
Use this form to give us Feedback