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Forum Newbie
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Last Login: 1/8/2008 7:35:30 PM
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| I was curious to see how other franchisors monitor their franchisees for compliance with their franchise agreement insurance requirements, including the annual renewal process. Do they track compliance and the certificates in-house with a special software package or excel, or do they outsource the compliance process? Thank you.
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Junior Member
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Last Login: 9/22/2009 9:09:48 AM
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| I asked a similiar question a while back without much response. We continue to use excel while looking for a "better system." I've found a few contract software suites which would do the job, but don't have the time to do a full evaluation right now. Good Luck. If you find something great, please share. Regards, Jamie
Jamie Griffin, CFE
Actualize Services | www.actualizeservices.com
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Forum Newbie
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Last Login: 4/10/2010 10:51:04 AM
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| I don't know of any software packages. We had a system set up on our internal data base from which we could produce a monthly report of certificates that would be expiring in the next 90 days. The system then automatically generated letters to the insured advising them to send a renewal certificate in by a certain date. We review the certificates when they came in to make sure the coverge was correct and then entered the renewal dates in the database. A burden, but a necessary one.
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Forum Newbie
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Last Login: 12/4/2007 4:38:12 PM
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| Currently, we use a Microsoft Access database to self manage the insurance certificate requirment function. It requires a lot of administrative time. Another franchisor for whom I have worked used a vendor called CMS (Certificate Management Solutions) for insurance certificate tracking. I would think that only the larger franchise systems would be able to afford an outside vendor, though it is a great help!
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Junior Member
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Last Login: 9/22/2009 9:09:48 AM
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| Mitch - There was a vendor at the IFA Annual Convention that offered this service. You may want to look for them in the supplier database. I've also sense been offered software for tracking from my insurance broker. You may want to have your risk manager or the person in charge of insurance for your company inquire about this with your broker or generial liability carrier. Good Luck, Jamie
Jamie Griffin, CFE
Actualize Services | www.actualizeservices.com
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Forum Newbie
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Last Login: 12/7/2008 10:43:19 AM
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| I realize I am late to this thread, but "Insurance Compliance" is a service that my company provides to all of our franchisor partners. When we are your "endorsed" provider of insurance for your franchisees, we will verify and track Insurance for all franchisees - even if they don't purchase it from us. We make all of this information available to you online. I apologize for the blatant "advertising" and hope it is not inappropriate for this forum - but I know that this is an area that can be difficult to address. For more info, you can go to http://www.fis-llc.com/franchisors-verification/index.html.
Steve Shelton
Franchise Insurance Specialists
www.fis-llc.com
steve@fis-llc.com
601.977.8888 x 22
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Forum Newbie
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Last Login: 12/21/2009 4:49:36 PM
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Forum Newbie
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Last Login: 11/18/2010 3:14:44 PM
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Thank you for posting this question. I am concerned that a number of posts have discussed ad hoc do it yourself approaches that may underestimate the potential pitfalls of insurance certificate compliance for franchises and their franchisees. Franchises have special risk transfer needs and care should be taken to ensure that everyone is protected as they intend to be. The essential questions are: - Who is protecting whom?
- What protection is desired?
- How is that protection evaluated?
- What are your procedures to follow up when deficiencies arise?
- Who is verifying compliance? (in-house or out-sourced)
Cost and ease of use are factors, but quality should also be a factor. Ignoring or avoiding the problem is no solution. Whether you choose to go it alone, use insurance certificate compliance software, use an internet based insurance certificate compliance tool, or outsource insurance certificate compliance to your insurance broker or a third party, find a comprehensive solution that will work best for you. Check out our post on insurance certificate compliance considerations for franchises: CertainCert Blog - Franchisee Essential Insurance Certificate Compliance Considerations
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