Sept 9, 2019 - This page is still in the works and additional updates will be completed in the coming days. Please check back soon. Thanks, Jon
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As an Image Studios 360 franchisee owner, you have received training from an experienced team of professionals who are dedicated to your success. During the training, you were exposed to some basics of insurance and risk management, which are vital to the protection of your franchise investment and assets.
This page will provide some supplemental information to the material provided during your training. Regardless of who you choose as your insurance broker, Jon Jepsen is available to provide additional guidance and answer questions you may have. (Contact Jon) |
Frequently Asked Questions from Image Studios 360 Franchisees
WHy do I need to collect certificates of insurance from my image pros?
In today’s complex and ever-changing business world, it is not enough to just collect insurance certificates from your Image Pros and simply file them away. To protect your franchise against potential loss, a proactive and defined approach to the collection and monitoring of insurance certificates is essential.
Certificates should be requested once the insurance language in a contract has been agreed to by the parties to the agreement. If there is no contract in place or a contract is already in place, then certificates should be requested immediately.
Certificates should be requested once the insurance language in a contract has been agreed to by the parties to the agreement. If there is no contract in place or a contract is already in place, then certificates should be requested immediately.
What Is An Additional Insured?
The intent of requesting additional insured status is to change the "Who Is An Insured" section of a commercial general liability (CGL) insurance policy to extend the Image Pros' general liability coverage to the additional insured (franchisee) for the negligent acts or omissions of the Image Pro or those acting on the their behalf.
Why Do Image Pros need to list me as an Additional Insured on their insurance policies?
So why does an entity seek additional insured status?
- Additional insured status seeks to place the financial responsibility for a claim onto the policy of the party most likely to cause such claim.
- Reduce the impact on the loss history of the franchisee. Meaning that if a loss does occur due to the negligence of another party, the additional insured (franchisee) can avoid asserting the claim under its own policy, thus keeping the lost history lower, particularly if it is not the party directly responsible for the claim.
- By naming the franchisee as additional insured on the policy of the Image Pro, you are making sure the franchisee is going to be picked up for coverage on the Image Pro's policy if something were to happen.
What should the certificate of insurance (COI) look like?
See the links provided at the bottom of this page to download a sample Certificate of Insurance (COI).
How do i determine if the image pro's insurance policy includes the additional insured?
The additional insured status will need to be carefully reviewed to determine if the language is appropriate to provide the franchisee and Image Pro coverage which meets their expectations and contractual obligations. If the language is wrong or is written ambiguously, that is going to affect the scope of coverage for that person or organization if something were to happen. (Jon Jepsen will provide sample certificates of insurance to the franchisee and guidance on ensuring Image Pro coverage meets the contractual obligations.)
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Image Pro Insurance Flier:
(Insurance program available for most Image Pros) 
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Sample Certificate of Insurance (COI):
(Contact Jon Jepsen for a COI specific to your franchise)
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3860 S 2300 E
Salt Lake City, UT 84109 Main: 801-272-8468 Fax: 801-277-3511 |
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