Q: When should I step in if a franchisee doesn’t respond or take action on their compliance status? What are the consequences? How do other franchisors handle this?
A: You should step in after the RMS has sent several automated reminders, typically around 30 days after the compliance issue persists. Consequences are decided by the brand, but some franchisors implement a multi-step process including formal letters and attorney communications. For an example, visit: Phase 2: Addressing Non-Compliance.

Q: In the "Franchisee" tab, what does a "Pending" status mean?
A: A "Pending" status typically means that no Certificate of Insurance (COI) is attached. However, there are two statuses: Policy Status and Compliance Status. If any required coverage is missing, such as professional liability, the entity’s status remains "Pending" until the required document is uploaded.

Q: Why does a franchisee show 0% compliance, even though an updated COI was uploaded?
A: If a franchisee has a COI uploaded but is still showing 0% compliance, it could mean that a required document is missing or the system has not received the correct supporting documents. Verify that all relevant COIs, including expiration dates, are uploaded correctly in the system.

Q: Should I upload new COIs I receive into the RMS portal?
A: Yes, you should upload all new COIs to the RMS portal. Franchisees are also receiving emails from the system to ensure compliance.

Q: A terminated franchisee still appears in the portal, but their status was updated months ago in FranConnect. Should I manually remove them from the RMS portal?
A: The API should update their status automatically if they are marked as inactive in FranConnect. If the update isn’t reflected, you can manually flag them as inactive in the portal.

Q: How do you make money?
A: We provide our insurance compliance monitoring software to franchisors and other businesses for free. Our revenue comes from becoming the preferred insurance agency for franchisees or vendors, offering tailored insurance policies that meet specific compliance requirements.

Q: How are you able to monitor insurance?
A: Our custom-built software monitors insurance compliance by collecting and analyzing insurance data, such as Certificates of Insurance (COIs). Leveraging AI, machine learning, and natural language processing, we extract and verify data from these documents to ensure policies are current and compliant.

Q: What are your insurance rates?
A: Our rates are competitive and customized based on each franchisee’s or vendor's unique risk profile and insurance needs. We aim to provide cost-effective, tailored coverage that aligns with your franchise’s requirements.

Q: How are your rates compared to others? Do we qualify for discounts?
A: We strive to offer highly competitive rates. Discount eligibility depends on factors like franchise size, policy bundling, and risk profile, which we assess individually.

Q: What does RMS stand for?
A: RMS stands for Risk Management System. It’s the platform we use to automate insurance compliance monitoring, ensuring that franchisees or vendors maintain the necessary coverage.

Q: Can you work with our current broker?
A: Yes, we can monitor insurance for all franchisees regardless of their broker. Currently, we don’t have a way to partner with other brokers to assist franchisees in purchasing coverage.

Q: What type of coverages do you offer?
A: We offer a comprehensive range of coverages, including General Liability, Workers' Compensation, Property Insurance, Commercial Auto, Umbrella, Hired & Non-Owned Auto, EPLI, Cyber Liability, Crime, E&O, D&O, and franchise-specific coverages. Our offerings are tailored to meet the needs of both franchisees and franchisors.

Q: Is your insurance different from others?
A: Yes, our insurance solutions are integrated with our compliance software, ensuring franchisees remain compliant and reducing administrative tasks. Our policies are tailored to meet specific franchise requirements with added flexibility and proactive monitoring.

Q: How flexible are your plans for adjusting coverage as the franchise grows or changes?
A: Our plans are highly adaptable. As your franchise evolves—whether through growth, new locations, or changing services—we adjust coverage to match your current needs.

Q: Do you offer franchisor insurance?
A: Yes, we offer tailored insurance solutions for both franchisees and franchisors, covering areas like E&O, D&O, EPLI, and Cyber Liability, among others.

Q: Who would our franchisees contact if they need something?
A: Your franchisees can contact our dedicated support team for policy questions, COIs, and claims assistance. Our team is reachable at support@rikor.io.

Q: What services do you offer?
A: Our services include franchisor contract consulting, franchise insurance learning modules, insurance compliance monitoring (RMS), tailored insurance solutions, risk management consulting, proactive policy updates, and franchise-specific coverage options.

Q: Do you offer any technology solutions for managing insurance policies?
A: Yes, our RMS provides automated tracking and monitoring of insurance policies. It can integrate with your franchise management system via API, offering real-time updates and seamless data sharing.

Q: Can your software integrate with ours?
A: Yes, the RMS can integrate with certain franchise management systems via API, allowing data to flow smoothly between systems for accurate monitoring and compliance tracking.

Q: How quickly can you process changes to franchisee insurance policies?
A: Policy changes are typically processed within 24-48 hours, depending on the complexity of the request.

Q: How quickly can you process a Certificate of Insurance (COI)?
A: COI requests are often processed on the same day, ensuring quick turnarounds for business needs.

Q: How long does it take to receive a compliant quote for a franchisee?
A: We aim to provide quotes within five days, depending on the franchisee’s specific needs and the complexity of coverage.

Q: Do you have case studies or testimonials?
A: Yes, we have case studies and testimonials that demonstrate how our services streamline insurance compliance and manage risk. These are available upon request.

Q: In what states can you offer coverage?
A: We are licensed to provide insurance across all 50 states, ensuring your franchisees are covered wherever they operate.

Q: How do you compare to other providers?
A: We combine insurance compliance monitoring with tailored insurance solutions, distinguishing ourselves with a technology-driven approach that simplifies compliance and policy management, with proactive outreach and automated updates.

Q: What does your renewal process look like for franchisees?
A: Our system tracks policy expiration dates and initiates renewal outreach 90 days in advance. The mostly automated process helps avoid coverage lapses, though some policies may require manual renewal steps.

Q: Do you provide training for franchisees?
A: Yes, we offer training resources to help franchisees understand their insurance obligations and maintain compliance. This includes webinars, guides, and one-on-one support when needed.

Q: Do you offer any resources for franchisees?
A: Yes, we provide educational resources and compliance guides to help franchisees manage their insurance and understand the risks associated with their business.