Disrupting the Franchise Insurance Game

Ever had an "aha" moment? Wade Millward, Founder of Rikor, had a BIG "aha" moment where he realized he could solve a 30-year old insurance industry problem. After learning every aspect of the franchisee/franchisor business model, he found a BIG hidden risk exposure. Franchisors are “vicariously” liable for 𝗔𝗟𝗟 the operations of their franchisees. So, to mitigate this risk, franchisors will collect certificates of insurance (COI). The problem?Certificates of insurance are practically worthless! COI's are not contracts, provide no guarantees, can be easily manipulated, and offer no rights to the franchisor. The possibility of a claim landing in the franchisor’s lap is very real and potentially 𝗰𝗮𝘁𝗮𝘀𝘁𝗿𝗼𝗽𝗵𝗶𝗰. Rikor was born to create a modern, technology driven solution to this antiquated COI system. The result is a fully integrated platform providing franchisors with a real-time pulse on their franchisees’ insurance. This means no more PDF's, no more spreadsheets, and no more uncertainty of risk. The power of the Rikor platform also allows franchisors to leverage the collective buying power of the franchise system to lower insurance costs. Tune into this episode to learn how Rikor can help mitigate a massive risk as a franchisor! Welcome to the Franchise Founders Podcast. We are on a mission to help aspiring entrepreneurs just like you take action through franchise ownership allowing you to obtain more financial freedom, time with family, and ultimately, a business that can run on its own without you.Dan Claps has co-founded several franchise development firms and currently runs Franchise Playbook. Christian Dadulak is a successful Franchise Consultant and runs his independent Franchise Consulting business, The Franchise Guys. Franchise Founders is a huge supporter of the International Franchise Association (IFA). If you are a fan of franchising and have an interest in joining the franchise community, the IFA is a great place to start! Learn more here: https://www.franchise.org/about-us