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If you do not have your own good idea but are dead keen on starting your own business, investing in a franchise might be a good point of entry. Cheap insurance to cover your venture might not be the best route to take – but compare quotes online to find the one that will give you the kind of cover that you need. Cheap is often not comprehensive enough when it comes to cover, but take note that there is a lot of competition in the insurance industry due to the downturn in the economy, and many good insurance companies are now offering cheap business insurance cover with outstanding packages.

Ensure that your franchise agreement complies with the Consumer Protection Act for your own protection by keeping the following in mind:

  • The agreement (as with all agreements) has to be in writing and all parties have to initial and sign all the pages of the agreement.
  • You have a ten day cooling off period in which to change your mind whereby you can cancel the franchise agreement without any penalties.
  • All you need to do if you have changed your mind is to inform the seller – but put this in writing.
  • As with all agreements, the contract has to be in plain and simple language which is understandable to all parties involved.
  • Check that all the details regarding payments in the franchise agreement are included.
  • There has to be sufficient information in the agreement to permit you to make an informed decision.
  • The seller may not force you to purchase everything for the business from the franchisor, unless the goods or services are reasonably related to the company’s branded products or services.
  • The seller cannot use physical force, pressure or other unfair tactics in the marketing or supply of goods and services.
  • No misrepresentations are permitted.
  • The seller is not allowed to sell goods and services at unfair or unreasonable prices or expect you to give up your rights. 

Choose cheap business insurance cover for your start-up franchise but shop around to find the one that covers your unique product, service or establishment and ensure that you have the right type and sufficient cover for all eventualities.

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